Blue Staters: Get While the Gettin’s Good

We get it now. On the left, raising taxes is the moderate position.

Stephen Moore: Unleash Prosperity Hotline – We mentioned that eight blue states already have or are considering raising income or wealth taxes. HOTLINE readers asked us which ones. Here’s a list:
 

• Washington: The governor signed a 9.9% income tax on earnings over $1 million.
• Rhode Island: Considering a 3% surtax on incomes over $1 million, known as a "millionaire tax."
• New York: Mamdani proposed another 2% income tax increase on high-income earners, taking the top city-state rate to 18.5%.
• California: Proposing a "Billionaire Tax Act," a one-time 5% tax on net worth for residents worth over $1 billion.
• Virginia: Democratic legislators proposed a 10% tax bracket for incomes over $1 million and a new tax on net investment income.
• Michigan: A proposed 5% income surtax on high earners, raising the top marginal rate to 9.25%.
• New Jersey & Maryland: Recently implemented or considered increases in corporate taxes and top income tax brackets.

We expect some to pass and others to be defeated. One thing we note they have in common is that most of the proposals come from liberals who campaigned as pro-business moderates. We get it now. On the left, raising taxes is the moderate position.