“The fight over what would be Washington’s first state income tax since 1933 is shaping up as a battle of the titans: Both [Bill Gates’ 84-year-old father, William Gates Sr.], a prominent retired lawyer and philanthropist, and his son, the richest man in America, are backing I-1098. But three of the state’s other biggest businessmen, current Microsoft Chief Executive Steve Ballmer, Amazon.com founder Jeff Bezos and John Nordstrom of the Seattle-based retail chain â are throwing big money into the campaign to defeat it,” Kim Murphy reports for The Los Angeles Times. “Washington voters are being asked to endorse a tax philosophy that is in many ways similar to President Obama’s approach to shrinking the federal deficit: Keep the tax burden off low- and middle-income families while raising taxes on the wealthy.”
Murphy reports, “The ballot measure would raise about $2 billion a year for education and healthcare by taxing gross income above $200,000 for individuals and $400,000 for couples, while trimming other taxes for small businesses and property owners… But Washington, one of only seven states with no income tax, has made its tax-free status an important selling point in attracting new business.”
“Opponents warn that new taxes on well-off entrepreneurs would make it harder to recruit talented employees and would eat into business owners’ ability to reinvest, raise wages and create new jobs,” Murphy reports. “‘As a former Microsoft employee, I absolutely know it would damage Microsoft’s ability to compete. Part of their ability to attract talent from all over the world is because there’s no state income tax here,’ said Scott Stanzel, a former deputy White House press secretary under President George W. Bush and a public relations manager for the software company who now is running the campaign to defeat I-1098.”
Murphy reports, “Opponents fear that the proposed tax - 5% on income above $200,000, 9% above $500,000 - could plunge Washington into the same economic traumas being experienced in states like California. ‘Don’t Calitaxicate Washington,’ the Seattle Times urged in an editorial opposing the measure, which polls show is a tossup. They also warn it may not be a tax only on the rich for long. The initiative allows the Legislature to change its terms two years after passage. ‘What is billed as a high-earners tax is simply a backdoor way of extending an income tax to all Washingtonians in the future,’ Stanzel said.”
Read more in the full article here.
[Thanks to MacDailyNews Readers too numerous to mention individually for the heads up.]
Tax consumption instead. Wealthy people will then automatically put more money into the government coffers, because they almost always want bigger houses, cars, boats, etc.
It would also encourage people to save money instead of spending it.
Tax consumption instead. Wealthy people will then automatically put more money into the government coffers, because they almost always want bigger houses, cars, boats, etc.
It would also encourage people to save money instead of spending it.
These people who make over 200k, and against this, are just greedy. they know damn well they can afford and they wont miss any luxuries. The really rich people make so much money in interest off their investments , paying a state tax should be no problem. If this bill gives some relief to the working class, then the rich should show some class by being in favor of it
These people who make over 200k, and against this, are just greedy. they know damn well they can afford and they wont miss any luxuries. The really rich people make so much money in interest off their investments , paying a state tax should be no problem. If this bill gives some relief to the working class, then the rich should show some class by being in favor of it
ya… i think if you make over $200,000 a year you can spare a bit
ya… i think if you make over $200,000 a year you can spare a bit
Gates is wrong as usual. It’s likely just dumb luck that Ballmer landed on the right side.
The. Problem. Is. The. Overspending. Dummies.
“A retired teacher paid $62,000 towards her pension and nothing, yes nothing, for full family medical, dental and vision coverage over her entire career. What will we pay her? $1.4 million in pension benefits and another $215,000 in health care benefit premiums over her lifetime. ” – Chris Christie, NJ Gov.
“And I just think that we’re at a point in our economic life here in our state – and – and, candidly, across the country, where increased taxes is just the wrong way to go. The people of our state are not convinced that state government, county government, local government has done all they can with the money we already give them, rather than the money that we have before.” – Chris Christie, NJ Gov.
“Higher taxes is the road to ruin. We must and we will shrink our government, and that means making some tough choices, tightening our belts.” – Chris Christie, NJ Gov.
“Our state is in crisis. Our people are hurting. Now is the time when we all must resist the traditional, selfish call to protect your own turf at the cost of our state. It is time to leave the corner, join the sacrifice, come to the center of the room and be part of the solution.” – Chris Christie, NJ Gov.
Chris Christie for U.S. President!
Gates is wrong as usual. It’s likely just dumb luck that Ballmer landed on the right side.
The. Problem. Is. The. Overspending. Dummies.
“A retired teacher paid $62,000 towards her pension and nothing, yes nothing, for full family medical, dental and vision coverage over her entire career. What will we pay her? $1.4 million in pension benefits and another $215,000 in health care benefit premiums over her lifetime. ” – Chris Christie, NJ Gov.
“And I just think that we’re at a point in our economic life here in our state – and – and, candidly, across the country, where increased taxes is just the wrong way to go. The people of our state are not convinced that state government, county government, local government has done all they can with the money we already give them, rather than the money that we have before.” – Chris Christie, NJ Gov.
“Higher taxes is the road to ruin. We must and we will shrink our government, and that means making some tough choices, tightening our belts.” – Chris Christie, NJ Gov.
“Our state is in crisis. Our people are hurting. Now is the time when we all must resist the traditional, selfish call to protect your own turf at the cost of our state. It is time to leave the corner, join the sacrifice, come to the center of the room and be part of the solution.” – Chris Christie, NJ Gov.
Chris Christie for U.S. President!
Tax the rich? Hell, EAT the rich!
Tax the rich? Hell, EAT the rich!
The people you peons want to tax employ you. They will pay their tax increases with your job.
The people you peons want to tax employ you. They will pay their tax increases with your job.
The people you peons want to tax employ you. They will pay their tax increases with your job.
The people you peons want to tax employ you. They will pay their tax increases with your job.
The people you peons want to tax employ you. They will pay their tax increases with your job.
The people you peons want to tax employ you. They will pay their tax increases with your job.
I just left WA state after 38 years partly because they already overtax, even without the income tax. Despite what this article says, WA offers very little tax incentives to business now (ask Boeing) and this measure would destroy an already struggling marketplace. But, what do I care, I got the hell out and this will hurt Microsoft. Pass it.
I just left WA state after 38 years partly because they already overtax, even without the income tax. Despite what this article says, WA offers very little tax incentives to business now (ask Boeing) and this measure would destroy an already struggling marketplace. But, what do I care, I got the hell out and this will hurt Microsoft. Pass it.
jobs are already gone as it is. If someone is a multi-millionaire and will get upset and take it out on the working class, cause he has to pay more taxes, then he isnt worth a speck of dirt anyway
jobs are already gone as it is. If someone is a multi-millionaire and will get upset and take it out on the working class, cause he has to pay more taxes, then he isnt worth a speck of dirt anyway
9%?¿?¿ That kind of tax is beanuts! Even unemployed pays more taxes in Finland than rich in the USA!?
9%?¿?¿ That kind of tax is beanuts! Even unemployed pays more taxes in Finland than rich in the USA!?
How about this…..
Drastically *CUT* government spending….
and let people KEEP their own friggin money!!!!
The class warfare needs to stop…. There will always be rich and poor and it is up to each to decide what to do with THEIR money – not the government.
period.
How about this…..
Drastically *CUT* government spending….
and let people KEEP their own friggin money!!!!
The class warfare needs to stop…. There will always be rich and poor and it is up to each to decide what to do with THEIR money – not the government.
period.
I’d move to Washington to avoid the state income taxes, but Florida has the same status and there is sunshine here.
There is also no taxes on food, provided it’s not prepared food like sodas, cooked chicken, dinners etc.
Also there is homestead exemption, which drastically lowers your property taxes provided you live in the structure and your a resident.
And if you get sued, they can’t take your home and car. Why many crooks (like OJ) live here, they buy big homes with their stolen loot.
However most of Florida requires one obtain hurricane insurance, but if you pay cash for a home then it’s not required, only if you carry a mortgage. Buy a solid CBS house with a metal roof and shutters above the flood plain and you’d be fine.
Must eventually acclimate to 80 degree temperatures or be forced to live inside most of the year in the expensive air conditioning. But it’s sure cheerful all year round, makes the glare coming off your shiny screen iPads and Mac’s a real pain in the arse.
I’d move to Washington to avoid the state income taxes, but Florida has the same status and there is sunshine here.
There is also no taxes on food, provided it’s not prepared food like sodas, cooked chicken, dinners etc.
Also there is homestead exemption, which drastically lowers your property taxes provided you live in the structure and your a resident.
And if you get sued, they can’t take your home and car. Why many crooks (like OJ) live here, they buy big homes with their stolen loot.
However most of Florida requires one obtain hurricane insurance, but if you pay cash for a home then it’s not required, only if you carry a mortgage. Buy a solid CBS house with a metal roof and shutters above the flood plain and you’d be fine.
Must eventually acclimate to 80 degree temperatures or be forced to live inside most of the year in the expensive air conditioning. But it’s sure cheerful all year round, makes the glare coming off your shiny screen iPads and Mac’s a real pain in the arse.
More taxes do not, repeat do not increase revenue, they only worsen the economy. Bill Gates and his Dad are morons, who by a stroke of luck happen to be rich and don’t know what to do with their money.
For all the money Bill Gates has given to charity since retiring, you would think you would see some difference, there is none I can see, because he doesn’t know what to do with it and has probably flushed billions down the drain by giving it to places that merely squandered it..
More taxes do not, repeat do not increase revenue, they only worsen the economy. Bill Gates and his Dad are morons, who by a stroke of luck happen to be rich and don’t know what to do with their money.
For all the money Bill Gates has given to charity since retiring, you would think you would see some difference, there is none I can see, because he doesn’t know what to do with it and has probably flushed billions down the drain by giving it to places that merely squandered it..
Of course, cutting wasteful and non-nessary essential spending is NEVER an option. It’s always, dive into other’s pockets.
Anyone with half-a-brain knows this money never ends up going to it’s campaign designations. The legislator moves around laws, and suddenly it’s out there for new casino-land along I-5… Oh, just a little bit of it here and there for such things.
Taxing the rich. Ha. Playing the 3rd grader envy game. “Yeah, let’s get the rich, they are evil!” Yes, and poor lazy people are good, rich people are all bad.
What a pathetic way to pander for policy making. Shows the ignorance of the American populous now-a-days.
Of course, if it passes, WA will just continue to spiral downwards, which hopefully at some point in the future, people will catch a clue and wake up to the fact that lower taxes actually brings in more venue to the government not less. Duh.
Dems have done themselves a huge injustice. They’ve decided to make how economics works, a them vs us idea. Stupid. Because Economics is what it is, it has no political venue, but the Dems – and glad GOP – have made it such.