House Bill 1406, which would tax the wealthiest Washingtonians, will put the state on a path to socialism.
The legislation has been described as Robin Hood-esque – take from the rich and give to the poor. No other state has a “wealth” tax. What would keep the individuals who would be subject to this new tax here in Washington? Why wouldn’t they just move? The chances of this bill ever realizing its projected $2.25 billion in 2023 revenue and $5 billion in 2024 are nil.
The real problem I see with this measure is that it will start with the billionaires, and then be lowered to the millionaires, and then cover all the rest of us as the state’s insatiable appetite for new revenues continues to grow.
The bill’s supposed goal is to give low-income working Washington families a tax break – great. This can be accomplished without instituting this legislation. The state has 10.8% more revenues this year than it did last, which is shocking in the middle of a pandemic. Our largely sales tax driven state has continued to see record purchases – much of it online.
Can Washington’s tax system use an update and make it more equitable? Yes.
Is House Bill 1406 – take from the rich to give to the poor, the right vehicle? No. It is a trip down socialist lane.