These 7 States Are About to Raise Taxes - Get Out NOW

Summary

Several US states are considering significant tax increases targeting high-income earners, with proposals ranging from one-time wealth taxes to new income tax brackets and surtaxes in states like California, Washington, Rhode Island, Michigan, and Virginia. The proposed changes would substantially raise marginal tax rates for individuals earning over $500,000 to $1 million, potentially pushing top rates to unprecedented levels in some states. For expats and high-income professionals, these emerging tax proposals underscore the importance of strategic tax planning and potentially considering relocation or alternative financial strategies to mitigate increasing tax burdens.