Current Affairs

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.





More of Seattle Times:

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.

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.

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No one ever said Democrats were smart.

Washington will be in a worse position than it is today.

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.





But at least there won’t be any bad rich people in Washington after that.

They believe that taxpayers are their endless personal piggy bank.

We are not.

They will be taxed harder.

Yes.

It never happens.


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