Responding to extreme wealth concentration, states are considering taxing the assets of the very wealthy — such as stocks, bonds, real estate, boats, and jewelry — more heavily while closing loopholes and ending other special tax benefits that shield many of these...
off the charts
POLICY INSIGHT
BEYOND THE NUMBERS
BEYOND THE NUMBERS
Some States Taxing Wealth Better, But More Progress Needed
January 27, 2020
Amid lots of recent talk about the federal government’s need to tax large concentrations of wealth more heavily, state policymakers also should tax wealth better as state budget season begins.
State tax systems have helped drive the nation’s extreme wealth concentration, as wealthy individuals and corporations used their political power to shape state tax policies to their benefit. In...
States Expanding Opportunity Through Wealth Taxes
July 9, 2019
States from Hawaii to Connecticut responded to extreme wealth concentration this year by expanding taxes on the assets of the very wealthy — such as stocks, bonds, real estate, boats, and jewelry — while closing loopholes and ending other special tax benefits that shield many of these assets from state and local taxes.
These taxes are important because America’s wealth is concentrated...
Connecticut Capital Gains Surcharge Would Raise Needed Revenue, Narrow Inequality
May 29, 2019
To their credit, Connecticut lawmakers are considering a proposal to levy a modest 2 percent surcharge on capital gains of the wealthiest taxpayers, which would raise needed revenue, reduce inequality, and help the state’s economy.
Relatively few, mostly white, families hold an overwhelming share of the nation’s wealth, leaving millions of others, including those of color, with less...
States Look to Expand Opportunity by Boosting Capital Gains Taxes
May 22, 2019
Lawmakers in Connecticut, Minnesota, and Vermont are considering raising taxes on capital gains —profits from selling an asset that has gained value, such as stock, real estate, or artwork — while New Mexico this year scaled back a tax break for capital gains. Historically, wealthy (mainly white) individuals used their political power to shape state tax policies in ways that largely benefit...
With Federal Funding Unreliable, States Must Invest in School Buildings
May 1, 2019
Summer is often a time to repair and improve school buildings or finish building new ones, but the nation’s K-12 schools — especially in low-income neighborhoods — have been neglected for years. The coming onset of summer provides a timely reminder that states should move more forcefully to help address the need.
State cuts to K-12 education over the past decade have affected more than...
By Expanding Wealth Taxes, States Can Expand Opportunity
December 12, 2018
The nation’s wealth is concentrated in the hands of a few (see graphic), and state tax systems have contributed to that concentration as wealthy individuals and corporations used their power to shape state tax policies to benefit themselves. But better state tax policies could help build...
States Can Still Prepare for Next Recession
October 30, 2018
Most states have most or all of the “rainy day” funds — reserves to use when recessions or other unexpected events cause revenue declines or spending increases — needed to weather a moderate recession, but they still face many risks, according to the bond rating agencies...
School Infrastructure Needs a Funding Infusion
April 17, 2018
As this week’s New York Times vignettes from teachers themselves show, school funding debates in states across the country must include an important piece of the funding puzzle: money to build new — and repair old — schools. Improving the schools in which children learn is one key to...
New Infrastructure Plan Would Boost Economy
March 14, 2018
Senate Democrats’ new Jobs & Infrastructure Plan for America’s Workers would invest roughly $1 trillion in public transit, roads, schools, water treatment plants, housing, and other critical infrastructure to create better-paid jobs, boost broadly shared economic growth...
