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.
Gov. Jay Inslee is pitching a wealth tax that would affect about 3,400 of the state’s richest people, a move to stave off cuts to state services.https://t.co/81Oft2YK65
— The Seattle Times (@seattletimes) December 17, 2024
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.
Gov. jay Inslee is pitching a tax to get all of the rich people to leave the state of Washington. Finally the left in Washington will no longer suffer under their oppression.
— Corey (@CoreysName) December 18, 2024
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.
When WA implemented the capital gains tax, many wealthy individuals left the state (Ex. Jeff Bezos).
— Mr. Tippleton (@MrTippleton) December 17, 2024
Are we ready to double down? Because the wealthy can very much afford to leave, and will.
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No one ever said Democrats were intelligent.
Nope. It would effect ~1,500.
— Tess (@Tess59668) December 17, 2024
Most of the rich will not sit back and let the government raid their bank accounts.
Most will move, some will take their businesses with them.
And Washington will be even worse off than it is today.
1) Projections of revenue raised by wealth taxes almost certainly don’t account for capital flight. They almost never do.
— stevemur (@stevemur) December 17, 2024
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… https://t.co/12zL52LQHT
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.
Washington Democrats are pushing increasingly insane tax policies to try to fix their failure to manage the budget.
— VijayInWA (@VijayInWA) December 17, 2024
The end result will be Washington's most successful people leaving the state, causing an even bigger hole in the budget and an even weaker economy. https://t.co/FkvbtC2Wht
But at least there are no bad rich people in Washington after that.
Never cut anything when you can just steal more. https://t.co/AbKX7KbllZ
— FunkyPox (@corrcomm) December 17, 2024
They think taxpayers are their personal bottomless piggy bank.
We're not.
They'll just tax them EVEN HARDER.
I love how they incorporated the word “move” into this post because that’s what a bunch of wealthy Washington state residents are about to do. https://t.co/d3BuWnLG36
— Catch the game last night? (@ManThatCrazy) December 17, 2024
YUP.
The state keeps spending more money and yet I find nothing that has improved about the quality of life here in the last…ever. https://t.co/OIiT0CvThT
— Stratosfear Tully 🇺🇸🏳️🌈 (@tullyfur) December 18, 2024
It never does.
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