This November, Washington voters will get to thumbs up/down Initiative 1098. This initiative would institute an income tax of 5% on incomes over $200,000 on single filers and $400,000 on couples and 9% on incomes over $500,000 on single filers and $1,000,000 on couples.
It would waste that money by stuffing it into black holes known as “education” and “health care”.
The “progressives” in the state are pushing by telling folks it will reduce their property taxes by 20% and give a $4800 B&O tax credit to small businesses. While those items ARE written into the initiative, there is no provision to stop the legislature from lowering the income ceilings to include a higher percentage of taxpayers. Nor is there anything in the initiative to stop the legislature from ditching the property tax cut and B&O tax credit. It also does nothing to rid us of the nearly 10% Sales Tax.
I comfortably predict that within the next five sessions taxpayers will see those income limits be lowered by at least half.
And because people have noticed these things, they now have their own Initiative 1098 Calculator to show you “how much you’ll save” if you are dumb enough to fall for their “Tax the Rich” scheme and vote for it.
I ran my numbers through it and The Wife and I will save a whole $104.72 per year!
But, being one who can think into the foreseeable future I realize that when I graduate with my BSc and she gets her scheduled raises, we’ll be making enough money to live a little more comfortably.
Just in time to qualify for the newly lowered ceiling on the 5% income tax!
This is a definite “Hell NO” vote in this household.
If you want a real tax calculator, head over to the Independent Institute’s MyGovCost.Org site and scare yourself. Those with weak bladders and/or bowels will want to slip on some Depends first.
I got 98 dollars less.
Hardly an incentive to punish those who earn more.
The only fair tax is a flat rate tax.
Hahahaha! The income tax was sold in New Jersey in mid-70’s the same way. The politicans all swore it would be used to fund education and lower property taxes.
The tax revenue has been highjacked by liberal politicans, handed over to public employee unions, diverted to special interests and specific cities by the courts, and generally squandered in unforgivable ways.
Bottom line – 35 years later NJ has the highest property taxes in the country, an onerous income tax, and a massive amount of debt.