Late Monday the Seattle City Council voted unanimously in favor of a personal income tax on its top earning residents. Individuals with incomes in excess of $250,000 and those filing jointly with incomes in excess of $500,000 would be subject to a 2.25% tariff. People with incomes below those thresholds would not be affected.
That’s bullsh**, as it will soon add the middleclass, as the money gets spent, and Demonrats need to fill the coffers.
Seattle believes the tax will raise around $140 million per year and could help close the wealth gap in the city, while the mayor also cited President Donald Trump’s economic agenda as a reason to introduce the tax.
“Seattle is challenging this state’s antiquated and unsustainable tax structure by passing a progressive income tax,” Seattle Mayor Ed Murray said in a statement on his website. “Our goal is to replace our regressive tax system with a new formula for fairness, while ensuring Seattle stands up to President Trump’s austere budget that cuts transportation, affordable housing, healthcare, and social services. This is a fight for economic stability, equity, and justice.”
The measure was proposed earlier this year by a local activist group named Trump-Proof Seattle, according to Reuters. However, Trump-Proof Seattle’s proposal called for a more modest 1.5% tax, according to the organization’s website.
Due to the explosive growth of Seattle-based Amazon (AMZN), housing prices have skyrocketed in the area—and supporters believe the income tax could be used to expand affordable housing.
“Protecting our communities requires resources. We’re in a weak position to cope with cuts because of Washington State’s regressive tax system: lower-income households already pay high state and local taxes, and yet we can’t fund basic services like education … We can fight back by requiring the wealthiest households to pay a fairer share of taxes,” Trump-Proof Seattle’s site said.
Dumb ass liberals….they are already paying their fair share. The more you make, the more you pay.
Despite the city’s support, the measure will likely face legal challenges. State law prohibits a city or county from taxing “net” income, though it fails to explicitly define exactly what “net” refers to.
Supporters say the tax would impact just 20,000 out of more than 660,000 Seattle residents. The city hopes its tax will provide an example and open discussions about changing tax structures in other local communities. In addition to Washington, Alaska, Florida, Nevada, South Dakota Texas and Wyoming do not require residents to pay an income tax.