Democrats are betting that they can get voters to go along with big tax increases as long as they ostensibly hit only “the rich” and businesses. In this episode of What’s Ahead, we look at three state referendums that will test this hypothesis.
California’s Proposition 15 would remove caps on taxing commercial real estate above a certain value. It would raise taxes on these entities by some $10 billion. Who would pay these new levies? Small businesses would be hard hit with higher rents.
Arizona’s Proposition 208 would boost the state’s top income tax rate by almost 80%.
Illinois has a referendum that would replace the state’s low, flat income tax with a progressive system that would slam higher-income earners. Added to the state’s existing taxes, the referendum would make Illinois the most heavily taxed state in the country, with the exception of New York, New Jersey and California.
If these referendums are passed, clutch your wallet—there will more coming.