The Washington Legislature has sent to Gov. Bob Ferguson a 9.9% tax on income that exceeds $1 million annually. The tax will have an effect on someplace between 20,000 and 30,000 residents, and is projected to extend state income by $4 billion.
The Democratic majorities within the Home and Senate who pushed by way of the so-called “millionaires tax” are aiming to cope with a tough actuality: Whereas public colleges, state universities, psychological well being packages and different important providers proceed to battle for sufficient funding, Washington is dwelling to among the nation’s wealthiest individuals who have, up thus far, not been taxed immediately by the state.
The tremendous wealthy 1% on the prime of America’s booming tech and monetary sectors have seen their wealth skyrocket in current many years. In the meantime, the center class and dealing poor have been locked in an more and more determined battle simply to get by. For the well being of the nation, it is smart to search out methods to unfold all that new wealth round.
When that effort is made by a person state, fairly than nationally, the query — to which nobody has a sure reply — is that this: Will wealthy Washingtonians choose up and transfer to some low-tax state in numbers excessive sufficient that it’ll harm the native economic system, or will they suck up the additional price of dwelling on this stunning nook of the USA and proceed to reside within the place that has made them rich?
The experiment is about to start.
See extra of David Horsey’s cartoons at: st.news/davidhorsey
View different syndicated cartoonists at: st.news/cartoons
Editor’s notice: Seattle Instances Opinion now not appends remark threads on David Horsey’s cartoons. Too many feedback violated our community policies and reviewing the handfuls that had been flagged as inappropriate required an excessive amount of of our restricted employees time. You may remark by way of a Letter to the Editor. Please electronic mail us at letters@seattletimes.com and embody your full title, handle and phone quantity for verification solely. Letters are restricted to 200 phrases.
