Innovation Meets Taxation With many cities and states needing more taxes to pay for unfunded liabilities and other pressing obligations, they are innovating new taxes to raise more money. Some possibilities The Exit Tax. For those choosing to leave the state because of high taxes, many states will propose an exit tax of 20% of their wealth. Called final expenses , it will not be called a tax per se, but a service fee.* Virtual Wealth Tax. For those with credit cards not charged to the limit, they have a virtual wealth obtainable by spending to that limit. Some states are proposing a 23% tax on the difference between the credit card limit and the balance. The neat thing about this tax is that it will be automatically charged to the credit card. The Homeless Tax. Now nearly in operation in Seattle, this flat tax of $275/employee will be charged to businesses to help with the expenses of housing, feeding, and medical care for the homeless. Naturally, this
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