Tax on billionaires and relief for homeowners: the economic decisions at the US ballot box

On Tuesday, Americans will elect representatives to Congress and governors, and decide on 145 economic referendums in 39 states. The prominent proposals include a one-time 5% tax on billionaire wealth in California, property tax relief for homeowners in Florida, income tax changes in Colorado and Washington, and the establishment of a state investment fund in Missouri.

This coming Tuesday, Americans will elect their representatives to Congress, governors, and local officials, but alongside the candidates, they will also decide on far-reaching economic questions in 145 referendums across 39 states. The most prominent economic vote will take place in California, where a one-time 5% tax on the wealth of billionaires will be decided—a move that could generate tens of billions of dollars in revenue but is controversial due to fears of capital flight. At the same time, California residents will vote on two proposals to fund housing through bonds totaling up to $36.25 billion. In Colorado, a switch from a flat income tax to a graduated tax will be proposed, and in Washington state, a decision will be made on whether to repeal a tax on high incomes. Missouri will decide on establishing a state investment fund that could eventually allow for the elimination of state taxes, and Florida will vote on increasing the property tax exemption for primary residences. At least 41 local questions concern server farms. The article notes that the referendums transfer economic decisions to the public, but the vote is not the end of the road due to campaigns by organizations and wealthy interests.