Nation

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The flag of the European Union

Europe tried wealth taxes. Most gave up.

U.S. Sen. Bernie Sanders, I-Vt., and Rep. Ro Khanna, D-Calif., introduced the Make Billionaires Pay Their Fair Share Act in March. The proposal would impose a 5% annual wealth tax on the roughly 938 Americans with a net worth exceeding $1 billion.

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New Mexico oil

Report: Louisiana could lose millions in gas tax revenues

Former Democratic Louisiana Department of Transportation and Development Secretary Shawn Wilson proposed the same to the Louisiana Electric Vehicle Task Force earlier this year, pointing to a 2022 report from the Louisiana Legislative Auditor that estimates fuel tax revenues could fall by $563.6 million if electric and hybrid vehicles account for 30% of new cars sold in the state by 2032.