The Wall Street Journal is raising serious concerns about Washington’s new 9.9% income tax and what it could mean for middle-class families. Despite promises that the tax would only affect millionaires, Democratic lawmakers are already publicly discussing lowering the income threshold to capture more taxpayers. In a new editorial, the Wall Street Journal warns that the so-called “millionaires’ tax” could be just the beginning, making the case for why Washington voters should pay close attention to what’s at stake in November.
If anyone thought the Washington state “millionaires” income tax was only for millionaires, think again. In a recent state Senate debate, both candidates dropped the pretense that the millionaire tax will apply only to the wealthy.
“Do you really need more than a million dollars to live well in Washington state?” Rep. Cindy Ryu (D., 32nd district) said. “I think not.” A hundred thousand is a pretty middle class salary, she said, so perhaps the threshold should be a little higher. “Maybe not $100,000,” Ms. Ryu said, “Let’s look at . . . about $250,000. Can we live well on $250,000 a year of net income?” Her opponent, Democratic state Sen. Jesse Salomon (D., 32nd district), suggested $750,000 would be a better limit.
This is the progressive tax blueprint. Start by proposing taxes on “millionaires” since there aren’t enough of them to cause too much political trouble. But once a progressive tax regime is in place, Democrats can over time lower the bar to capture more taxpayers and expand those hit by their 9.9% levy.
WA politicians will never have enough of our money - they will always want more. 💰