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Governor backs "millionaire's tax," says revenues unlikely before 2029 and legal challenges are expected
Summary
The governor endorsed a proposed income tax on individuals earning more than $1,000,000 per year, estimated to raise at least $3 billion annually, and proposed using revenues for the Working Families Tax Credit, small-business relief and K–12; he also warned revenue would not be available until about 2029 and that court challenges are likely.
The governor announced support for a proposed "millionaire's tax" aimed at individuals with annual incomes above $1,000,000 and said the measure could raise at least $3,000,000,000 per year if adopted.
The governor stressed the proposal is separate from the supplemental budget: "The millionaire's tax has nothing to do with this budget," he said, adding that proceeds would not be realized until approximately 2029 even if adopted this session. He urged codifying the $1,000,000 threshold with inflation adjustments so that the tax…
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