Wall Street Journal: Inslee’s Last Tax Insult to Washington
Governor Inslee – who once said, “I do not believe tax increases are the right path for the state of Washington” when he was running for governor in 2012 – has proposed a consequential tax on unrealized capital gains, a “wealth tax” as he and others are calling it, and it’s garnered national attention from the Wall Street Journal. This from their Editorial Board :
“Countries like France that have imposed one have repealed it because it doesn’t raise nearly as much tax revenue as estimated. Wealth is mobile, and people leave for low-tax climates.
Amazon founder Jeff Bezos announced last year he was relocating from Seattle to Miami, Fla., which will save him hundreds of millions in taxes that could have filled Olympia’s coffers.”
If lawmakers in Olympia including incoming Governor Ferguson follow Governor Inslee’s lead one last time, we will see a mass exodus of money from our state and a further detoriation of our fragile business climate that will impact all workers.