The millionaire tax is a hot button tax issue in several states. The results from an increased tax rate for high earners are questioned by many analysts. Supporters of the millionaire tax argue that it increases revenue and effects a very small percentage of taxpayers. Opponents of the tax are quick to point out the volatility of high incomes and that the taxpayers can simply move out of the state. There will certainly be more coverage of the millionaire tax in the coming months as state legislatures battle over the budget.
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James Sutliff