The California wealth tax vote is clearly the main event among the various current state ballot measures.
Proposition 40, imposing a one-time 5% wealth tax on the state’s billionaires, has attracted a lot of attention, being seen as an indicator of how the idea could play out nationally — and as a danger the state’s wealthiest have to fear. spent millions by fighting back.
The outlook for wealth tax proponents has faded as election day approaches.
But Proposition 40 is also far from the only tax issue before voters across the country on Tuesday, as the United States faces both a broad potential revolt against property taxes and continues to test his willingness to tax the rich.
Here’s a look at what to watch tonight on these state election measures:
Colorado voters will decide the future of the state’s income tax with dueling measures. One would impose a progressive income tax, raising rates for those earning more than half a million dollars a year and raising money for education and health care initiatives. The other would require that the state’s flat income tax rate not exceed its current rate of 4.4 percent.
Progressive groups have rallied behind the progressive income tax measure, Amendment 87, which would establish a new top rate of 8.4%.
But he did not receive the support of the current Democratic governor of Colorado, Jared Polis and the favorite Democratic candidate to succeed him, Phil Weiser .
Polish argued in recent interviews, a higher state income tax rate would hurt Colorado’s ability to attract new employers. Weiser currently the state’s attorney general, said he has concerns about how revenue from the graduated income tax would be spent and what would happen if both ballot measures were approved one way or another.
Meanwhile, Washington voters will face a simpler decision: whether to keep the state’s first-ever personal income tax, a 9.9 percent levy on incomes above $1 million imposed by the Democratic administration. Bob Ferguson enacted earlier this year.
Meanwhile, Tuesday’s marquee vote on property taxes takes place in Florida. The state’s Republican leaders have made property tax relief a top priority, and the measure that passed the state would increase the value of a home exempt from property taxes.
Skeptics of the plan say it would deprive localities of needed revenue, especially since Florida has no income tax. And as with other ballot measures in Florida, the proposed property tax overhaul, Amendment 3, needs 60 percent of the vote to pass.
Jared Walczak of the right-leaning Tax Foundation told POLITICO that Florida’s proposal would likely provide the best sense of the nation’s mood on property taxes, which have faced a growing backlash.
Voters in several other states will vote on property tax ballot measures Tuesday. Analysts are monitoring proposals in Oklahoma and Wyoming. Rita Jefferson of the Progressive Institute on Tax and Economic Policy said Wyoming’s initiative was particularly concerning because state lawmakers just last year expanded the homestead exemption to 25 percent on home values up to $1 million. Initiative 1, decided on Tuesday, would double the exemption to 50% for primary residences, regardless of their value.
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