It’s an old aphorism that if you tax something, you get less of it. Seven states are at risk of finding out exactly how that truism applies to wealth tax legislation introduced in each should their proposed taxes become law.
Taxpayers got a rare win at the end of last year when a Massachusetts court struck down a bizarre “cookie nexus” law that the state had enforced for years. Unfortunately, because of the “heads I win, tails you lose” way that tax disputes so often work out for the taxpayer, there’s not likely to be much in the way of refunds for businesses that were strong-armed into paying this unconstitutional tax.