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WEALTH TAX: Governor Jay Inslee Just Guaranteed EVERY Rich Washingtonian Will FLEE His Tax-Happy State

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If you listen closely, that faint rumble you hear is the sound of thousands of rich people preparing to leave Washington state.

Why? Well, Democrat governor Jay Inslee is pitching a wealth tax that would target them.

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More from The Seattle Times:

Seeking to cover a looming budget shortfall and stave off cuts to state services, Gov. Jay Inslee is throwing his support behind a proposed “wealth tax” on the state’s richest residents.

The proposal would levy a 1% annual tax on worldwide wealth of more than $100 million. It would affect roughly 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 will help Washington not go backwards, and that’s what we’re doing,” Inslee said at a morning news conference.

Inslee also wants to raise taxes on businesses.

So prices will go up for every citizen of Washington thanks to increased business taxes.

This is also, fundamentally, an unrealized capital gains tax.

Jot it down, folks: this writer is predicting Washington will have an even bigger budget shortfall after this budget passes.

Most wealthy people are going to leave the state, businesses will close, and revenue will tank.

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No one ever said Democrats were intelligent.

And Washington will be even worse off than it is today.

The entire post reads:

2) WA tax revenues, adjusted for both population growth and inflation, has risen dramatically over the past six years. The deficit is driven by spending increases, and stupid decisions by lawmakers to essentially assume COVID stimuli were permanent. 

3) There may “only” be 3,400 people with $100mil+ net worth but many thousands more near that — in double digit millions — who will almost certainly move. 

4) Capital has never been more mobile than it is today, and many lower taxed states welcome new residents. Capital helps start and expand businesses and employment.

He's correct. The people who are just under that magical $100 million mark know they're next to be in the taxman's crosshairs. They'll flee the state preemptively.

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But at least there are no bad rich people in Washington after that.

They think taxpayers are their personal bottomless piggy bank.

We're not.

They'll just tax them EVEN HARDER.

YUP.

It never does.

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