Boots & Sabers

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Owen

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2035, 02 Feb 21

Washington State Eyes Wealth Confiscation

Remember that the income tax started out as a tax on only the very rich too.

OLYMPIA, Wash. — Washington state’s richest residents — including Jeff Bezos and Bill Gates — would pay a wealth tax on some financial assets under a bill proposed by a lawmaker who says she is seeking a fair tax code at a time when so many people are struggling due to the pandemic.

 

Under the bill, a 1% tax would be levied on “extraordinary” intangible financial assets including cash, publicly traded options, futures contracts, and stocks and bonds — but not income. The first $1 billion in value would be exempt from the tax that would apply to residents’ taxable worldwide wealth.

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2035, 02 February 2021

3 Comments

  1. Kevin Scheunemann

    Greedy liberals. You are correct, there is no end to their coveting.

    Before you no it, someone with $20,000 in home equity has to pay this tax.

    Covet. Covet. covet. That is all liberals seem to do.

    Nord cheers.

  2. MaxwellsEQs

    I am skeptical that such a bill can be successful at the state level, due to capital flight. Having said that the federal government ought to make our current wealth tax (we call it property tax) more progressive by extending it to cash, stocks, etc.

    Instead of borrowing money from rich people and getting more debt our government should levy a small tax on large wealth holders.

    In contrast to borrowing from wealth people, which creates more wealth inequality because money is then transferred to rich people in the form of interest, taxing rich people would instead transfer the wealth back to the people.

    This would improve society because the people who are actually doing the work would have more money to spend in the economy.

  3. Jason

    Hey Maxwell, just keep equating our disagreement with Evers’ mask mandate to speed limits and stop signs. You’re really showing that your comments should be read and taken note of. That’s sarcasm, by the way.

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