The Excerpt podcast examines the surge in U.S. wealth inequality and evaluates several state‑level wealth tax proposals—from California’s one‑time billionaire levy to Washington’s income surcharge, New York’s planned increase, and Massachusetts’s existing surtax—while discussing projected revenues, public opinion, and worries that high‑net‑worth individuals might relocate.

Key points:

According to the Congressional Budget Office, from 1979 to 2021 the average income of the top 0.1% of households grew almost 27 times faster than that of the bottom 20%.

A proposed California ballot measure would impose a one‑time 5% tax on billionaire assets, aiming to raise about $100 billion and requires roughly 900,000 signatures to qualify.

Washington’s wealth‑tax bill would levy a 9.9% tax on income above $1 million for households, despite the state currently having no income tax.

New York Mayor Zohran Mamdani’s proposal would raise the tax on income over $1 million by two percentage points to 5.9%, projected to generate roughly $4 billion annually, but it has not yet been enacted.

Massachusetts enacted a 4% surtax on income over $1 million in 2022, which has brought in approximately $6 billion and affects roughly 1% of households.