This is a great beginning!
Upvoters11
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important to note it’s a tax on *income* above $1mln per year. fully support, but different than taxing someone whose net worth is $1mln. this approach should be much easier to replicate as compared to a wealth tax.
what's the context for this part
Yea, sadly I think the lege has really overestimated this one because very few people have salaries over 1m and those who do will likely ask to renegotiate with stock options. We already have a capital gains tax for mixed compensation packages though, but this will most likely...
guess we're in the empty title era now
Why wait for 3 years?
So they can all hide their money and then they can be like, "see it doesn't work."
3 billion a year starting in 2029 is great and all but like... I kinda need my rent money to exist now. Not in three years when I'm either dead or living in a van.
So they can quietly repeal it in a few years. They get the enthusiasm but without any "damage" done to their donors
It’s funny living here. The people complaining the loudest are the people that will NEVER make enough money to have to worry about it. They are convinced that the next step is taxing people under 100k a year.
Well that's because that is the next step. They specifically rejected amendments aimed at ensuring that doesn't happen. They are also passing this law by bypassing the states constitutional requirements for a public vote. I'm pretty far left and support the idea of taxing ...
Don't you know that they are temporarily embarassed trillionaires?
IT'S a SLIPPERY SLOPE just like gay marriage. A few years after that was passed, they made it so you could marry a sheep, a goat, a microwave, whatever you want. It's been chaos. Sidenote: my best law professor told us that if you don't have a legal argument or even a good on...
Oh no the liberals did something good and proved that the Democratic party can be reasoned and compromised with. Let's all reach as hard as we can for reasons why this good news is actually bad.
It goes against the states constitution... really dont need to reach very hard. And because I feel I have to say this, I stand pretty far left and have no issues with the tax itself. I do take issue with the way it is being pushed through.
It’s should be a tax on wealth, not income. Income is declared based on state of residency. Wealth can be taxed in whichever community produced the wealth, so it can’t be dodged by the owner moving.
That would be explicitly unconstitutional in Washington.
The state does also have a capital gains tax, but to your point that does nothing to address accumulated wealth
How would they know their wealth?
finally some good news fr, this is the kinda move we actually need
This starts in 2029? So they got 3 years to suck the entire economy dry...
The bellyaching and tantrums from mediocre people here making $40,000 a year over this is insane. I cannot believe how many people are so subservient to the rich.
nice one washington leading the way
It’s the *billionaires* we need taxed.
The tax applies to anyone with annual income over $1 million. That includes billionaires. It does not include most millionaires.
finally, a step in the right direction for us all
I whole heartedly agree with the tax, but addressing the affordability crisis will only depend on how that tax money is spent. If it's without other progressive policies, the money will simply soak into State finance.
How dare the state legislature fix one problem without fixing all other problems at the same time!
Hello... it's 2026. So relief will be coming in... three years? What part of CRISIS didn't these people understand?
Makes sense to target billionaires surely?
It’s for salaries, most billionaires don’t have large salaries. This is ultra high earner tech workers and mid range CEO compensation. Billionaires and top end CEOS typically go with stock options, but WA does have a capital gains tax for that.
They'll all be gone by then! Lol
how exactly would that work in practice?
Basically as a new tax bracket. It’s only on income over $1m. Not wealth
Most "millionaires" don't make a million in salaries that would be taxable in this scheme. This bill when/if ever implemented will fall short like the "head tax" imposed several years ago.
End game of this is to go after people that make 125k...
$3 billion a year is quite substantial
3 billion a year as trump pisses double that everyday in Iran. What hope is left for anyone who isn't already wealthy? We need to fight back harder and stop anyone from being billionaires at all. No one person needs that obscene amount of money. No person with a conscience c...
It’s a step in the right direction, but not enough. There shouldn’t be billionaires in the first, or monopolies.
had something like this last summer
Here's hoping we can live long enough to see its effects lmao
^[Sokka-Haiku](https://www.reddit.com/r/SokkaHaikuBot/comments/15kyv9r/what_is_a_sokka_haiku/) ^by ^The3arlofGrey: *Here's hoping we can* *Live long enough to see its* *Effects lmao* --- ^Remember ^that ^one ^time ^Sokka ^accidentally ^used ^an ^extra ^syllable ^in ^that ^...
It goes into effect in 2028 so there's time!
What if you give those 3 billions to me? It's super smart cuz then you will get one more billionaire to tax and it will improve the tax income on the next year?
Elon, is that you?
Why doesnt the tax start now?
As long as we don't let them run away and evade their responsibilities. This is what Biden was trying to do with corporations with the Minimum Corporate Tax. He had over 100 nations agreeing to it, but really needed all of them. Corporations would have to pay a minimum tax, re...
All the people moving out of Washington are either: A) going to encounter this same thing when it's passed in a different state soon B) get sucked in Arkansas or some shit
It would be better if wa state would start by using the money they already get appropriately first. The amount of scandals around wa misuse of funds is really frustrating. The state constantly over spends in areas that aren’t valuable then threatens to close parks and slash o...
The system isn't a toddler you can put in timeout.
Let me guess, some bullshit like 0.0005% or something? Yeah you can't play too rough, pedos may get offended
You notice that it doesn't take effect for 3 more years.That's because it'll never take effect. It'll cancel that shit
It actually goes into effect in 2028, the tax returns are due by 2029. These things take a while, there is no instant gratification in beauracracy.
While I understand the need for the tax. Do we really trust any government, left or right, to do what is good with the money? I have my doubts.
Cool, let's abolish all taxes and government services. That will surely help everyone!
Let's hope it starts their soft succession!
Only if you do the second half, and give that money back to the people. Set up some healthcare or something. Then I'll get happy about it. But if you're going to use that money to buy missiles? Who fucking cares.
I don't think the state of Washington is funding the military industrial complex. But I understand your sentiment.
Great but can we start taxing billionaire wealth more and worker income less.
That. Is the Heirophant.
Is this not going into the hands of other Millionaires and soon to be ones?
How?
How is this anything more than just pandering for midterms? Do we really think this is gonna happen or will it quietly get delayed a few times then eventually killed over the next four years? Do somethin or don't do something. Promising to do something 3 years from now is wor...
It just passed, so yes. It's going to happen.