Washington Legislature Passes 9.9% Millionaire Tax; Awaits Governor Signature | Hacker News Reader

Washington Legislature Passes 9.9% Millionaire Tax; Awaits Governor Signature

imidaily.com

3 pointsNewCzech6 comments

Millionaire, not Billionaire. Billionaires are the level that people into this usually start before cranking down the knobs after people forgot about it. That did not take long. That will impact tech, top-level corporate executives, founders, entrepreneurs, select high-stakes sales or legal roles and specialized medical providers. I am likely missing a few. I can not get into the heads of people that are into this and I know that includes a portion of the HN user-base. In my experience if a state or the federal government collection more taxes they just waste and defraud more money. It's not like they are going all Robin Hood and giving more money to the poor.

States with a wealth tax initiative or that have a wealth tax: California, New York, Washington, Connecticut, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, and New Jersey.

This is a 9.9% tax on income above $1m.

If you are making more than $1m in annual income, you are rich as shit. Somebody making $1.5m paying $50,000 in state income tax is not exactly my idea of "cranking down the knobs."

Washington would only be collecting more income tax than my state (not exactly known to be a socialist hellhole by critics) when somebody is earning more than $2.3m annually.

How are the poor people going to see any of this? Have states started cracking down on fraud, bloat and waste? Washington specifically, have they found all the programs with bloat and kickbacks and nuked them as well as all the people involved?

You can believe that the tax revenue will be ineffectively spent if you want.

That's unrelated to the claim that this is a wealth tax or that this is hitting anybody but extremely high earning individuals.

As a voter, I’d be ok if they just shoveled the money into a furnace. The point should be to penalize these huge incomes.

Washington State emulates the degradation of Europe into socialism.

Reply on news.ycombinator.com