Episode 957: Wealth Taxes in Blue States

Newt talks with Jack Salmon, Gibbs Scholar and Research Fellow at the Mercatus Center at George Mason University. They discuss the introduction of wealth taxes in several U.S. states, including California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington, which are targeting high net worth individuals. This has led to a migration of wealthy individuals to states with no such taxes, like Florida and Texas. Washington State, which previously had no income tax, has introduced a 9.9% tax on income over a million dollars, contributing to a significant exodus of high earners, including notable figures like Jeff Bezos. Their discussion highlights the economic consequences of such tax policies, including the loss of tax revenue and potential negative impacts on local economies. The also discuss the importance of fiscal responsibility at the state level and the need for states to prepare for potential federal funding reductions based on the increasing national debt.

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