Governor Jay Inslee Just Confirmed That All Rich Washingtonians Will Flee His Tax-Happy State – Twitchy
If you listen closely, that faint rumble you hear is the sound of thousands of wealthy people preparing to leave Washington state.
Why? Well, Democratic Gov. Jay Inslee is proposing a wealth tax that would target them.
Gov. Jay Inslee is introducing a wealth tax that would affect about 3,400 of the state’s richest people, a move to avoid cuts in state services.https://t.co/81Oft2YK65
-The Seattle Times (@SeattleTimes) December 17, 2024
Seeking to cover a Budget deficit looms To avoid cuts to state services, Gov. Jay Inslee is throwing his support behind a proposed “wealth tax” on the state’s wealthiest residents.
The proposal stipulates an annual tax of 1% on global wealth exceeding $100 million. It would affect nearly 3,400 of the state’s wealthiest people, raising an estimated $10.3 billion over four years, according to the governor’s office.
“What we need is a fairer tax system that helps Washington not go backwards, and that’s what we’re doing,” Inslee said at a morning news conference.
Inslee also wants to raise corporate taxes.
So prices will rise for every citizen in Washington thanks to increased business taxes.
This is also, essentially, an unrealized capital gains tax.
Governor Jay Inslee is introducing a tax to force all the wealthy to leave Washington state. Finally, the left in Washington will no longer suffer from their oppression.
– Corey (@CoreysName) December 18, 2024
Mark it up, people: This writer expects Washington to run a larger budget deficit after this budget is passed.
Most of the wealthy people will leave the state, businesses will close, and revenues will decline.
When Western Australia implemented a capital gains tax, many wealthy individuals left the state (example: Jeff Bezos).
Are we ready to double down? Because the wealthy can afford to leave, and they will.
-MrTippleton (@MrTippleton) December 17, 2024
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No one ever said Democrats were smart.
no. Its effect will be ~1500.
Most wealthy people won’t back down and let the government raid their bank accounts.
Most will move, and some will take their businesses with them.– Tess (@Tess59668) December 17, 2024
Washington will be in a worse position than it is today.
1) Revenue projections raised through wealth taxes certainly do not take capital flight into account. They almost never do.
2) Western Australia’s tax revenues, adjusted for population growth and inflation, have risen significantly over the past six years. The deficit is driven by spending. https://t.co/12zL52LQHT
-stevemore (@stevemore) December 17, 2024
The entire post reads:
2) Western Australia’s tax revenues, adjusted for population growth and inflation, have risen significantly over the past six years. The deficit is due to increases in spending, and stupid decisions made by lawmakers to assume that the coronavirus stimulus was permanent.
3) There may be “only” 3,400 people with a net worth of $100 million, but there are several thousand more close to that — double-digit millions — who will almost certainly move on.
4) Capital has never been more mobile than it is today, and many low-tax states welcome new residents. Capital helps start and expand businesses and employment.
He’s right. People who fall below the magic $100 million mark know they’re close to being in the crosshairs of the tax levy. They will preemptively flee the state.
Democrats in Washington are increasingly pushing crazy tax policies to try to fix their failure to manage the budget.
The end result will be the most successful people in Washington leaving the state, causing a larger budget hole and a weaker economy. https://t.co/FkvbtC2Wht
-Vijay Inoa (@vijayinoa) December 17, 2024
But at least there won’t be any bad rich people in Washington after that.
Never cut anything when you can steal more. https://t.co/AbKX7KbllZ
– Funky Box (@corrcomm) December 17, 2024
They believe that taxpayers are their endless personal piggy bank.
We are not.
They will be taxed harder.
I like how they incorporated the word “relocation” into this post because that’s what a group of wealthy Washington state residents are up to. https://t.co/d3BuWnLG36
– Catch the game last night? (@ManThatCrazy) December 17, 2024
Yes.
The state keeps spending more money, and yet I’ve found nothing has improved in the quality of life here lately…at all. https://t.co/OIiT0CvThT
— Tully Stratosphere 🇺🇸🏳️🌈 (@tullyfur) December 18, 2024
It never happens.