This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Blue states plan new tax hikes on rich residents in response to Trump’s federal tax laws
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Economy > Blue states plan new tax hikes on rich residents in response to Trump’s federal tax laws
Economy

Blue states plan new tax hikes on rich residents in response to Trump’s federal tax laws

Editorial Board Published August 15, 2025
Share
Blue states plan new tax hikes on rich residents in response to Trump’s federal tax laws
SHARE

‘Kudlow’ panelists Steve Forbes and Steve Moore give their tackle the tax price debate.

Blue states across the U.S. are planning tax hikes on rich residents to herald extra income by means of quite a lot of proposals, together with one state’s so-called “Taylor Swift tax.”

The strikes come after the enactment of the One Large Lovely Invoice Act (OBBBA) by President Donald Trump and Republicans in Congress, which completely prolonged lots of the 2017 tax cuts and included different new tax aid provisions in addition to spending cuts to packages reminiscent of Medicaid.

Democrats argue these tax hike proposals are wanted to assist plug gaps in state budgets and offset any misplaced federal {dollars} for Medicaid and different packages.

The state of Rhode Island enacted a brand new tax this summer time that can impose a particular levy on trip houses valued at $1 million or extra, which has turn into often known as the “Taylor Swift tax” as a result of music star proudly owning a house in an prosperous a part of Westerly, Rhode Island, The Wall Road Journal reported.

TAYLOR SWIFT: HERE’S HOW THE POP SUPERSTAR ACHIEVED BILLIONAIRE STATUS

Washington is amongst states planning to boost taxes on rich residents. (George Rose/Getty Photos / Getty Photos)

Rhode Island’s “Taylor Swift tax” imposes a tax of $2.50 for each $500 of assessed worth above $1 million, which a Realtor.com evaluation estimated would lead to a further $136,000 in property taxes on her luxurious dwelling within the Watch Hill neighborhood that is valued at $17 million.

Montana desires to extend property taxes on non-primary residences, adopting a brand new reform that can scale back property tax charges for owner-occupied main houses whereas mountain climbing the speed to 1.9% for second houses or short-term leases, with industrial properties additionally set to face larger levies.

Lawmakers wish to present not solely a tax break to about 230,000 owners, however incentivize house owners of trip properties or second houses to promote these properties to inject extra stock into a decent actual property market, Realtor.com reported.

MAMDANI’S RISE IN NYC MIRRORS ECONOMIC FLIGHT TO THE SOUTH, STUDY SHOWS

Doing taxes

A number of states have moved to boost taxes on rich residents to extend tax collections. (iStock  / iStock)

This spring, Maryland enacted a brand new tax coverage that raises revenue tax charges on residents incomes over $500,000 a yr to slim the state’s funds deficit.

One other state within the Northeast can be mulling a tax hike on rich residents, with lawmakers in Connecticut contemplating laws that might elevate revenue tax charges on people incomes $250,000 or extra, or twice that quantity for {couples}, to assist offset an anticipated lower in federal funding.

HOW MUCH CAN PEOPLE SAVE ON TAXES BY MOVING TO FLORIDA?

Taylor Swift Rhode Island beach house

Taylor Swift’s luxurious seashore home in Rhode Island. (Matthew J. Lee/The Boston Globe through Getty Photos / Getty Photos)

The state of Washington this spring handed a funds that can elevate its capital good points tax from 7% to 9%, although the tax’s construction excludes actual property gross sales and focuses on different transactions like these involving shares, bonds or enterprise pursuits. Washington would not have an revenue tax, and the state structure prohibits one. 

Washington has prior to now seen rich residents depart the state to keep away from the excessive tax burden, reminiscent of when Amazon founder Jeff Bezos left for low-tax Florida.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

That phenomenon has occurred in different high-tax states, reminiscent of California, New York, New Jersey and Illinois, which have seen rich residents and companies depart in favor of states with decrease taxes.

TAGGED:BluefederalhikeslegislationplanresidentsresponsestatestaxTrumpswealthy
Share This Article
Twitter Email Copy Link Print
Previous Article Logan Paul & Nina Agdal: Married! Logan Paul & Nina Agdal: Married!
Next Article Border Patrol goon whines to Fox Information after Newsom damage his emotions Border Patrol goon whines to Fox Information after Newsom damage his emotions

Editor's Pick

Nicki Minaj Calls Cardi B’s Daughter ‘Ugly’; Cardi Shoots Again That Nicki’s Son Is Nonverbal Because of Drug Use Throughout Being pregnant

Nicki Minaj Calls Cardi B’s Daughter ‘Ugly’; Cardi Shoots Again That Nicki’s Son Is Nonverbal Because of Drug Use Throughout Being pregnant

Studying Time: 3 minutes The Nicki Minaj vs. Cardi B beef has been occurring for years. Like, mainly for so…

By Editorial Board 4 Min Read
French Impressionism from Museum Langmatt on the Belvedere
French Impressionism from Museum Langmatt on the Belvedere

From 24 September 2025 to eight February 2026, the Belvedere presents the exhibition…

2 Min Read
Nicole Kidman and Keith City: Wow! It is Over After 20 Years!
Nicole Kidman and Keith City: Wow! It is Over After 20 Years!

Studying Time: 3 minutes We’ve obtained a tragic shocker out of Hollywood:…

4 Min Read

Oponion

Trump says he’ll know if Putin desires peace take care of Ukraine quickly into their Alaska assembly

Trump says he’ll know if Putin desires peace take care of Ukraine quickly into their Alaska assembly

Washington — President Trump stated Monday that he anticipated to…

August 11, 2025

Cars Are Making Money Like Homes—For Now

Financially, your car is behaving more…

October 18, 2021

Nintendo Retailer San Francisco will maintain a Change 2 celebration at this time

It’s the eve of the Nintendo…

June 4, 2025

Homelessness minister resigns after ‘throwing out tenants and climbing hire by £700’

Rushanara Ali has resigned as homelessness…

August 7, 2025

Sharks’ Eklund has surgical procedure; might he quickly be in line for a serious payday?

SAN JOSE – San Jose Sharks…

May 6, 2025

You Might Also Like

The US economic system noticed ‘basically no job progress’ final month: Moody’s
Economy

The US economic system noticed ‘basically no job progress’ final month: Moody’s

U.S. Labor Secretary Lori Chavez-DeRemer discusses the affect of the shutdown on jobs knowledge, authorities layoffs and extra throughout an…

5 Min Read
Ceremony Help closes down all remaining shops after chapter
Economy

Ceremony Help closes down all remaining shops after chapter

The 'Barron's Roundtable' panel discusses lack of labor knowledge reporting and provides tips about shares thriving throughout the shutdown. Pharmacy…

3 Min Read
Latin America’s socialist experiments depart devastating path of financial collapse and poverty
Economy

Latin America’s socialist experiments depart devastating path of financial collapse and poverty

FOX Enterprise anchor David Asman joins 'Mornings with Maria' to preview his collection exploring the failures of socialism worldwide amid…

4 Min Read
Amazon supply drones crash into crane, prompting NTSB, FAA investigation
Economy

Amazon supply drones crash into crane, prompting NTSB, FAA investigation

Two Amazon Air Prime supply drones collided right into a crane in a business space Wednesday in Tolleson, Arizona. (KSAZ)…

3 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?