For a number of years recently, the idea of imposing an additional tax on incomes over $1 million was all the rage across the political landscape. A handful of states – notably California in 2012, followed by Connecticut and New York along with Washington DC were quick to impose the new tax on “millionaires”. More recently though, the threshold to qualify as “the rich”, let alone a millionaire has been significantly reduced across the nation. Campaigning on his way to winning the presidency, then-candidate Joe Biden promised to raise taxes on anyone earning over $400,000 per year. In election results, it’s even worse: Multnomah County, Oregon approved an income surcharge on “the rich” who earn $125,000 as an individual or $200,000 for joint filers. Likewise, down in Arizona, a former ‘red state’ that flipped to Joe Biden this year, voters passed a similar income surcharge on the exorbitant income of $125,000 for single filers and $250,000 for joint filers, and San Francisco again went to the absolute extreme with Prop L, a new “Overpaid Executive Tax being overwhelmingly approved (65%) by voters in the City by the Bay. The ‘Overpaid Executive’ will be hit with a sliding scale income tax surcharge determined by the executive salary vs the median company salary (100X median = 0.01%; 200x median = 0.02%; 300x median = 0.03%, etc). Previously over the past few years, Maine (3% on incomes over $200,000 in 2016) and New Jersey (from 8.97% now to 10.75% for incomes over $1 million) added their own versions of the “millionaire’s tax” and it’s not over yet!