Posted on 07/11/2017 3:14:56 PM PDT by Renkluaf
I doubt it. This is a city tax. They’ll just move to the ‘burbs.
Just to name a few
Oops didn’t carry the Decimal Point - Tax Paid on Howards full income - $93,750. Point is NOT TRIVIAL ... look for the exodus.
Let's look at how Connecticut is faring after tax increases in 2010, 2012, and 2016.
Several thousand tax filers in the state have adjusted gross incomes of more than $1 million a year, and they account for about a third of all income tax receipts.
The New England state faces a budget deficit of $400 million ..."About $200 million of the drop in receipts came from the states closely watched top 100 earners, who are the source of an outsize proportion of the states revenue, the WSJ reports.
Decades ago I lived in Bremerton, across the Puget Sound from seattle. The space needle was the tallest and coolest. The city was pleasantly clean and pike street market had everything imaginable for sale.
The big picture is once they fleece the rich, they will come after all of Washington State's citizens who are productive enough to stay off welfare. This economic model will create more poverty as it destroys both the job market and the job suppliers. It is an economic death spiral.
This is not a tax on the ultra-rich because none of them live within the city....they live in Medina, Bellevue, Mercer Island, Vashion Island and Bainbridge Island.
If you wanted to define this crowd affected, it’s mostly the BMW-type crowd....thirty to forty-five years old...and living in condos around the city. Anyone making a million a year...doesn’t live in the city.
All this will do is drive this crowd to exit the inner city, and also relocate on the islands or into Bellevue. It’ll take less than a week to think over the implications. I doubt if the political guys even read or understood what they were given....probably created by the real estate crowd to hype up movement and trigger urban decay within Seattle itself.
“The city estimates that the tax will raise around $140 million a year “
It won’t come close to that. It never does.
L
I can remember at time when Seattle (King County) was a Republican county. Reagan carried it twice, as did Nixon. Ford carried it as well.
Now its a toilet, like most of America largest cities (where Democrats reign heavy.
The old saying is “pigs get fat and hogs get slaughtered”.
I don’t know who is dumber—the lefties supporting and voting for the tax or the high income people who still live in Seattle.
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