How Populist Anger Fuels US ‘Tax the Rich’ Movement: Explainer

In March, Washington state passed the first income tax in the state’s history, a 9.9% levy on personal income exceeding $1 million annually. Washington is one of five states led by a Democratic governor that have increased income taxes on the wealthy in the past five years. Several more are considering following suit.

The trend underscores a deepening strain of populist anger at the rich. A December Economist/YouGov poll found 61% of Americans believe billionaires are taxed too little. It also reflects a need to raise revenue in states facing budget shortfalls — in some cases worsened by federal funding ...