What’s proposed is a tax on certain savings and investments. Using the phrase โwealth taxโ to describe it is meant to make it sound like it’s aimed only at billionaires or the ultra wealthy. That is a false. The title is misleading.
๐๐ฒ๐ฟ๐ฒ ๐ถ๐ ๐๐ต๐ฎ๐ ๐ถ๐ ๐ฎ๐ฐ๐๐๐ฎ๐น๐น๐ ๐ถ๐: It’s a tax on commonly held savings, investments and small business interests. There is no minimum income threshold, so it is not limited to billionaires. This was a tax 30 counties once had but every one repealed years ago because it was widely acknowledged as double taxation on savings, harmful to small businesses and job creators, unreliable as a revenue source, and broadly unpopular. It was also seen as… illegal.
๐๐ฟ๐ฒ ๐๐ผ๐ ๐ฎ ๐๐ฒ๐ป๐ถ๐ผ๐ฟ ๐๐ต๐ผ ๐๐๐ฒ๐ ๐ฏ๐ผ๐ป๐ฑ๐ ๐๐ผ ๐ต๐ฒ๐น๐ฝ ๐๐๐ฝ๐ฝ๐ผ๐ฟ๐ ๐๐ผ๐๐ฟ ๐ฟ๐ฒ๐๐ถ๐ฟ๐ฒ๐บ๐ฒ๐ป๐? ๐ง๐ต๐ถ๐ ๐ถ๐ ๐ฎ ๐ป๐ฒ๐ ๐๐ฎ๐ ๐ผ๐ป ๐๐ผ๐. Regardless of your income. And of course, you were already taxed when you earned that money. This is an additional tax on a lifetime of hard work, doing the right thing and saving so you do not have to depend on anyone. Maybe you hoped to pass a little on to your kids to give them a head start in life. This is a new tax on those savings.
๐๐ฟ๐ฒ ๐๐ผ๐ ๐ฎ ๐๐ผ๐ฟ๐ธ๐ถ๐ป๐ด ๐ณ๐ฎ๐บ๐ถ๐น๐ ๐ฏ๐๐ถ๐น๐ฑ๐ถ๐ป๐ด ๐๐ฎ๐๐ถ๐ป๐ด๐ ๐๐ต๐ฟ๐ผ๐๐ด๐ต ๐ฐ๐ผ๐บ๐บ๐ผ๐ป ๐ถ๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐๐ ๐น๐ถ๐ธ๐ฒ ๐๐๐ผ๐ฐ๐ธ๐ ๐ผ๐ฟ ๐๐ง๐๐? This is an additional tax on you. Regardless of your income. Another tax on money you were already taxed on when you earned it. If you later sell some stocks and have a capital gain, you will be taxed again. This is an additional tax on your savings.
๐๐ฟ๐ฒ ๐๐ผ๐ ๐ฎ ๐๐บ๐ฎ๐น๐น ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ผ๐๐ป๐ฒ๐ฟ ๐๐ถ๐๐ต ๐ฎ๐ป ๐ฆ ๐ฐ๐ผ๐ฟ๐ฝ๐ผ๐ฟ๐ฎ๐๐ถ๐ผ๐ป, ๐ฝ๐ฎ๐ฟ๐๐ป๐ฒ๐ฟ๐๐ต๐ถ๐ฝ ๐ผ๐ฟ ๐๐๐? This is yet another tax on you. Regardless of your income. You work 50 or 60 hours a week. You already deal with rising costs, regulation, insurance, taxes and constant uncertainty. This adds one more burden. This is an additional tax.
Note: According to the SBA, over half of small employer firms are organized as S corporations (which is explicitly named in the Controllers original paper).
This proposal is not just a tax on billionaires. It reaches common business structures used by truly small businesses every day. No matter how many times they say the same thing over and over it’s still not true.
๐ง๐ต๐ถ๐ ๐ถ๐ ๐ป๐ผ๐ ๐ฎ “๐๐ฒ๐ฎ๐น๐๐ต” ๐๐ฎ๐ . ๐๐’๐ ๐ฎ ๐ฏ๐ฟ๐ผ๐ฎ๐ฑ ๐ป๐ฒ๐ ๐๐ฎ๐ ๐ผ๐ป ๐๐ต๐ฒ ๐๐ฎ๐๐ ๐บ๐ฎ๐ท๐ผ๐ฟ๐ถ๐๐ ๐ผ๐ณ ๐ฐ๐ผ๐๐ป๐๐ ๐ฟ๐ฒ๐๐ถ๐ฑ๐ฒ๐ป๐๐. It is very important we get this accurate information out to community!
Sources:
**As the Controllerโs report (Lehigh County Wealth Tax Analysis, May 1, 2026) notes, โPartnership interests, including ownership stakes in partnerships and S corporations, would generate roughly 75 percent of total revenue**




