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Blue States Propose New Taxes Amid Budget Crises

4/6/2026

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Summary

Story summary

Blue states facing budget crises are considering new tax policies, including California's proposed 5% Billionaire Tax Act.
This tax has prompted high-net-worth individuals to leave the state, including Larry Page.
Washington has enacted a 9.9% tax on incomes over $1 million.
Michigan is proposing a 9.25% tax on earnings above $500,000.
New York Governor Kathy Hochul acknowledged the need for wealthy residents to support social programs.

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Story summary

Blue states facing budget crises are considering new tax policies, including California's proposed 5% Billionaire Tax Act.
This tax has prompted high-net-worth individuals to leave the state, including Larry Page.
Washington has enacted a 9.9% tax on incomes over $1 million.
Michigan is proposing a 9.25% tax on earnings above $500,000.
New York Governor Kathy Hochul acknowledged the need for wealthy residents to support social programs.