A growing number of states are looking at implementing a wealth tax to fund social services.
California is among them,
with a billionaire tax set to be included on its November ballot. And this month, New York City Mayor Zohran Mamdani, a democratic socialist, and Democratic New York Gov. Kathy Hochul
introduced a proposed tax on luxury second homes in the city. In March, Washington passed its first ever income tax –
which has already been met with a legal challenge.All this comes as the wealth gap in the U.S. grows to its widest point in three decades – and only looks set to keep increasing. In this installment of “If You Can Keep It,” we look at how tax codes have contributed to a growing inequality in the country, how to fix it, and what this wealth gap means for the health of our democracy.
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