U.S. Democrats advance new wealth and property taxes

Democratic lawmakers in several U.S. states are advancing new taxation measures targeting high-value properties and wealth. In Rhode Island, a new property tax on vacation homes worth over $1 million that are occupied less than half the year recently went into effect.

In Connecticut, Democrats are moving to implement a statewide mansion tax, which would levy an annual tax on homes valued at over $3 million, regardless of whether they are primary residences. Similar legislative efforts regarding pied-à-terre, wealth, and mansion taxes are being discussed or proposed in California, Washington, D.C., and New York.

The Democratic Socialists of America has stated that the movement to tax the wealthy will continue until no state remains a safe haven from such levies.