Midterm Elections Bring Higher Taxes To These States

Today is election day! With every elections comes a change in policy, views and even overall management of your state and country.

Right now, Republicans and Democrats are battling to give their leaders the power to run their state with their own policies and that means a change in taxes for the residents of each state.

According to Fox Business, Here is how some state’s taxes could change depending on the outcome of the midterm elections:

California

Wealthy Americans living in California could see their taxes soar to incredible new heights if California voters approve the new and controversial tax-the-rich ballot measure.

Proposition 30 will raise taxes by 1.75% on Americans earning $2 million or more per year.

Colorado 

Voters in Colorado will vote on Proposition FF which will raise taxes on people earning a federal taxable income of $300,000 or more. They will do this by limiting state itemized or standard deductions to $12,000 for people who file as single or $16,000 for joint filers.

Those earning taxable income of $400,000 or higher will have itemized or standard deductions over $30,000.

Missouri

Missouri voters will vote on Amendment 3 which will allow adults to purchase and posses up to 3 ounces of marijuana. This will add a 6% tax on recreational marijuana.

Massachusetts

People in Massachusetts will vote on whether or not to add a 4% tax on Americans earning $1 million or more.