A proposed new tax is focusing on the super-wealthy residents of New York state. The 8.8% tax would impose a new form of capital gains tax to residents who hold over $1 billion in assets. It’s estimated that the tax would raise $5.5 billion per year. The money raised would be used to help those who have lost their jobs due to the Covid-19 pandemic.
Stay tuned to the campaign they call “Make Billionaire’s Pay” to see if the new tax is passed into law.