States are pushing aggressive tax proposals as voters balk at tax burdens
FOX Business’ Gerri Willis Joins ‘Varney & Co.’ reporting on the growing red vs. blue state over taxes, as a new wealth tax targets billionaires, a property tax revolt spreads across the country and a wave of income tax cuts reshapes the economy.
A wave of aggressive tax proposals is hitting voters this election cycle, as states push hard for a variety of initiatives that could reshape the way governments raise money. From efforts aimed at high-net-worth individuals to proposals aimed at eliminating big taxes altogether, growing divisions are forcing voters to weigh competing ideas for fiscal policy.
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FOX Business’ Gerri Willis joined Stuart Varney on “Varney & Co.” reporting on the proliferation of ballot initiatives and legislative proposals that affect both blue and red states, highlighting how lawmakers are trying new ways to levy taxes amid mounting budget pressures and political demands.
‘Kudlow’ panelists Jason Chaffetz and Clay Travis discuss the state of the nation’s economy under the Trump administration.
Those proposals are already raising concerns about unintended consequences, especially when it comes to keeping wealth and investments within national borders.
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“They have other places to go. Maybe it’s not helpful if you want to fund certain programs at certain levels,” said Tax Foundation senior fellow Jared Walczak.
Voters make their choices at booths inside early voting locations in the United States. (Melissa Sue Gerrits/Getty Images)
The debate comes as some high-tax states are already struggling with migration, with IRS data showing residents and businesses moving from states like California, New York and Illinois to states like Florida and Texas in recent years – policymakers are increasingly including in tax decisions.
At the same time, pushback is growing in other parts of the country, where voters are pushing to reduce or eliminate property and income taxes, setting off a national debate about how far states should go in reshaping their tax systems.
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FOX Business anchor David Asman analyzes green states’ push for higher wealth and property taxes on ‘The Bottom Line.’
The split plays against a broader national shift in tax policy. According to the Tax Foundation, 23 states have reduced their top income tax rates starting in 2021, underscoring a growing push to improve competitiveness and attract residents. Meanwhile, rising home prices have pushed property tax bills higher in many states, fueling calls for relief and increasing pressure on lawmakers to find other sources of revenue.
Cutting or eliminating major taxes presents a challenge for lawmakers, who must decide how to absorb lost revenue while continuing to fund essential services.
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