Heir tied to a major U.S. brand pushes higher taxes on the ultrarich like himself
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Published on March 11, 2026.
The idea of a wealth tax on the wealthy has become a hot topic in statehouses, with some progressive states considering such a measure in Washington, California, Maryland, Minnesota, and New Jersey. The state of Washington, which does not have an income tax, is considering a proposal that would create a nearly 10% annual tax on personal earnings over $1 million. The proposed tax would generate billions of dollars of new revenue to fund free K-12 school meals, childcare services, a family tax credit and eliminate sales taxes on personal care items such as shampoo. Critics argue that taxes on wealthy individuals are not a comprehensive solution to state revenues and can drive away businesses. However, others argue that such taxes are not comprehensive solutions to state revenue issues. California's proposal to impose a tax on those with a $1 billion net worth is supported by a large health care union and would use the extra revenue to offset federal funding cuts to health services for lower-income people.
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