November 16, 2022
Victories and defeats for small business across the country
Election Explainer: Results in Key States and What They Mean for Small Business
- Millionaire’s Tax: Proposition 30 in California would have increased the tax on personal income above $2 million by 1.75%, with the revenue going towards increased subsidies to zero-emission vehicles. NFIB opposed the measure, and 58.6% of Californian voters said no to Prop 30.Meanwhile, Question 1 in Massachusetts would institute a graduated income tax that levies a 4% surcharge on all income over $1 million. This includes income from pass-through small businesses like partnerships, limited liability companies, subchapter S-corporations, and sole-proprietorships. NFIB also opposed Question 1, but unlike the similar ballot question in California, Question 1 passed with 52% of the vote.
- Minimum Wage: In Nebraska, Initiative 433 would raise the state minimum wage gradually from $9 to $15 an hour by 2026. The ballot initiative also calls for annual inflation adjustments. Despite NFIB opposition, Initiative 433 passed with over 60% of the vote.Nevada also had a minimum wage ballot initiative, Question 2, which would increase the minimum wage from $9.50 an hour (for employees with health benefits) and $10.50 an hour (for employees without health benefits) to a flat $12 an hour for all employees. It would also remove existing annual inflation adjustments to the minimum wage. Question 2 passed with 55% of the vote.
- Union Law: Almost 70% of Tennesseans agreed with NFIB when they voted in favor of Question 1 to become a right-to-work state, solidifying the law in the state’s constitution. Right-to-work states guarantee that workers cannot be forced to join a labor union, but instead may choose whether they wish to be a member and pay union dues. Meanwhile, Illinois became the first state in the union to pass a constitutional amendment creating the constitutional right for state residents to join a union. Almost 59% of Illinois voters said yes to the NFIB-opposed Amendment 1, which also prohibits the Illinois state government from ever passing a right-to-work law.
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