States Move To Tax The Rich

Frustrated with federal inaction in the face of soaring inequality, Democratic lawmakers in seven states across the U.S. are teaming up this week to simultaneously introduce wealth tax bills targeting the fortunes of billionaires and other rich individuals who have seen their net worth explode in recent years.

Officially launching on Thursday, the first-of-its-kind effort is led by state lawmakers in California, Connecticut, Illinois, Hawaii, Maryland, New York, and Washington—collectively home to around 60% of the country's wealth.

"If the federal government won't act, we the states will," said Alex Lee, a California assemblymember who will join several other state lawmakers at a press conference on Thursday.

According to TheWashington Post, which got an early look at the text of the coming legislation, "some of the state bills resemble the 'wealth tax' that Sen. Elizabeth Warren (D-Mass.) pitched during her 2020 presidential candidacy."

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