In Our View Editorial: 'Millionaires' tax' can deliver fairness, revenue

[Yo_Mama_Been_Loggin]

By The Herald Editorial Board

We should all hope we’d be in the financial position where we’d have to pay Gov. Bob Ferguson’s proposed “millionaires’ tax,” because — as the name implies — it would levy a tax on annual income above $1 million, meaning we’d be doing pretty well.

And even with that income tax, it would still not touch the first million dollars in earnings, meaning that under the suggested rate of 9.9 percent, you’d pay a dime for hitting a dollar over $1 million; and, to be fair, each dollar after that.

Oh, the hardships of wealth, at least for fewer than half of the top 1 percent of the state’s earners.

Still, there are enough of those earners to bring in a projected $3 billion each year in additional revenue, for which the governor already has plans.

https://www.heraldnet.com/opinion/editorial-millionaires-tax-can-deliver-fairness-revenue/

[Darnell1972]

1. Yes, but as a Democratic Party activist...

I can tell you that the Democratic party like the Republicans, is funded massively by the millionaire and billionaire class. They won’t stand for it. That’s just the reality otherwise, it would have and should have happened a long time ago.

[lapfog_1]

2. I hope everyone understands that taxing income will never touch actual billionaires

or really anyone worth over $100 Million.

They simply will pay themselves ( in ordinary income ) under the taxable amount... or really maybe just $1 / year.