Wealth tax heads to the ballot box

Now, for voters in nine states, the election in November will be a referendum on taxing the wealthy. California's billionaire tax act, which would be the first state tax or wealth tax in the country, rather than on income, is by far the most important vote. Polls saying polls showing right now the yes vote at about 45% with the noes at about 43%. The state's billionaires have spent about $200 million so far on a campaign to defeat the tax. So, no sure thing there. In Colorado, Joe's old stomping ground, voters will decide on a measure to raise taxes for high earners and cut taxes for everyone else. The state's flat tax right now of 4.4% would rise to 7.4% for those who make more than $500,000 a year and to 8.4% for those who make more than a million a year. Washington state voters are going to decide whether to kill or to keep that state's new millionaires tax. The tax of 9.9% on incomes over $1 million was passed back in March. This ballot measure this next month would either repeal the tax and possibly ban future state and local income taxes. A few states also looking to lower or eliminate taxes. You got North Carolina deciding on a ballot that would prevent the legislature from raising taxes above 3 and 1/2% and more than a half dozen states voting on relief from property taxes. That is a huge issue right now. Florida, which of course has no income tax, moving on a plan to lower property taxes through exemptions and valuation caps. It is estimated to reduce total revenue by about $12 billion a year.