Back to today’s briefing

Story perspectives

States Debate Millionaire Taxes: New Proposals Emerge

1/31/2026

44 10

Summary

Story summary

Massachusetts' Fair Share Amendment imposes a 4% surtax on incomes over $1 million, generating nearly $3 billion annually.
Virginia legislators propose a new 10% tax on incomes above $1 million and a net investment income tax.
California is considering a one-time 5% tax on billionaires' net worth.
Indiana and Ohio maintain lower flat tax rates, highlighting a divide in state tax strategies.

1 of 1

Story summary

Massachusetts' Fair Share Amendment imposes a 4% surtax on incomes over $1 million, generating nearly $3 billion annually.
Virginia legislators propose a new 10% tax on incomes above $1 million and a net investment income tax.
California is considering a one-time 5% tax on billionaires' net worth.
Indiana and Ohio maintain lower flat tax rates, highlighting a divide in state tax strategies.