Mark Richards Featured in Tax Notes State Board Briefs Series: "Wealth Taxes and America Divided"

Ice Miller partner Mark Richards was featured in the Tax Notes State Board Briefs article "Wealth Taxes and America Divided." In this installment of Board Briefs, Tax Notes State advisory board members discuss wealth taxes and if they become law, would it reinforce a “two country” divide.

The article included:

Mark J. Richards is a partner in the Indianapolis office of Ice Miller LLP.

On January 19 legislators from eight states (California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington), in a show of solidarity, announced state legislative bills for imposing various forms of wealth taxes. The proposals ranged from taxes on wealth (net worth), to increased capital gains taxes, taxes on unrealized capital gains, and increased estate taxes. The targets are the perceived ultrarich and in some cases the upper middle class. The rhetoric, of course, has no limits. And the legal issues with such taxes, like the constitutional issues in Washington state with the imposition of wealth taxes, appear disregarded.

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