The Drive for a Wealth Tax in Washington State

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    • #402512
      eridani
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      • Total Posts: 9,009

      https://www.counterpunch.org/2021/02/10/the-drive-for-a-wealth-tax-in-washington-state/

      According to the state’s Department of Revenue, the tax would raise an estimated $2.25 billion in 2023 and $2.5 billion in 2024. At a February 2 hearing, House Finance Committee chair Noel Frame said it’s time to put a new “tool in the toolbox for comprehensive structural tax reform.” The state’s current tax system places an enormous burden on Washington’s working class.

      At the February 2 virtual hearing, over 40 witnesses lined up to testify in support of HB1406, an act to “improve the equity of Washington state’s tax code” by creating a wealth tax and “taxing extraordinary financial intangible assets.”

      Many witnesses pointed out that Washington state has one of the most regressive tax systems in the country, with no income tax, a weak corporate tax system, and an overdependence on sales taxes. “Low income families pay 18 percent of their income in taxes while the very wealthy pay less than 3 percent,” observed John Burbank from the Economic Opportunity Institute in his testimony.

      “This state is a wonderful place to raise a family and to plant roots,” said Mary Curry, a Tacoma resident and owner of a day care center, in testimony before the committee. “But how do I build when the tax laws are so harsh to the working class such as myself?”

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #402522
      Cold Mountain Trail
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      • Total Posts: 12,932

      If you live below the poverty line and spend most of your income on food, you don’t wind up paying much tax is how you manage it here

      (Grocery store food isn’t taxed)

      Sucks for the middle class I’d imagine

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