Several U.S. states will vote next month on raising or lowering taxes on the wealthy, with California being the first to vote on whether to impose a potential wealth tax. The bill proposes a one-time 5% tax on California residents with a net worth of $1 billion or more. Colorado will vote on whether to replace its 4.4% flat tax rate with a progressive income tax, raising the rate to 7.4% for those earning over $500,000 annually and to 8.4% for those earning over $1 million annually. Washington state voters will have the opportunity to repeal an already passed millionaire tax, which is set to take effect in 2028 and imposes a 9.9% tax on household income exceeding $1 million.