Wealth tax debates sharpen as states face budget gaps

Faced with budget gaps, fourteen states consider raising taxes on the rich to fund schools and hospitals; Massachusetts cites the Fair Share Amendment as a successful example, while California’s Billionaire Tax Act proposes a one-time 5% wealth levy on net worth above $1 billion to raise roughly $100B. Critics warn such taxes could trigger capital flight and harm revenue, even as other states cut taxes or adopt flat-rate schemes, highlighting a broad but uneven national split on how to balance budgets.