00:00President Trump's Big Beautiful Bill passed along party lines without a single Democratic vote.
00:05And now its ripple effect is hitting state budgets.
00:08Some blue states making up for the loss in federal revenue by raising taxes, mostly on the wealthy.
00:17The One Big Beautiful Bill Act extended the Trump tax cuts from 2017 and slashed spending on programs like Medicaid.
00:25Now states are turning to what critics call a tax the rich strategy.
00:30In Rhode Island, a new tax on vacation homes worth more than $1 million.
00:34It's been nicknamed the Taylor Swift tax since her $17 million beachfront mansion would come with an extra $136,000 tax bill.
00:44In Connecticut, lawmakers are considering higher income taxes for individuals making over $250,000 a year and couples over $500,000.
00:53Maryland has already raised tax brackets for earners above half a million
00:57and imposed a new capital gains tax.
01:00Out West, Washington state just bumped up its capital gains tax from 7% to 9%, adding a new tier for million-dollar earners.
01:09And in Montana, lawmakers want second home and vacation property owners to pay more,
01:15noting that nearly a quarter of the state's property tax revenue comes from out-of-state owners.
01:20For more unbiased updates, download the Straight Arrow News app or go to san.com.
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