Across the country, Democrats are moving forward with millionaire taxes to tap wealthy taxpayers to address budget shortfalls. We have previously discussed how such wealth taxes are unconstitutional (in my view) in the federal system. However, state constitutions have been interpreted to allow such taxes. More importantly, there is no constitutional barrier to imposing huge increases in income taxes on wealthy taxpayers. That is what just happened in Washington as Democratic legislators seek to reproduce the exodus of wealth from California. Virginia is also moving toward a 10% millionaire’s tax as part of a slew of new taxes introduced after Democrats retook power in Richmond. (They also voted themselves close to a 300% raise).I have long been a critic of such taxes which have proven failures that end up shrinking the tax base by chasing any rational taxpayers out of a state. Democrats often treat high-paying taxpayers as a type of canned hunt, ignoring that both the wealth and the wealthy are mobile.
Take Washington’s massive tax increase. Democrats just approved a 9.9 percent tax on income above $1 million. If you stay in Washington, you’ll pay a combined rate with the top income tax (37 percent) of over 46 percent. It will make Washington the state with the highest tax rate in the United States. With California next door, that is no small feat.
Many taxpayers are joining figures like Jeff Bezos and various businesses heading to low-tax states. Washington is already one of the states with the highest levels of migration out of the state, so Democrats are rushing to offer new reasons to leave.
The solution proposed by some Democratic politicians, like Rep. Ro Khanna, is to call for a national wealth tax that would force the rich to either move out of the country or pony up more money. The problem is that, even if the Supreme Court upholds a wealth tax, it has already been tried with disastrous results. France imposed such taxes on its wealthiest citizens, who promptly left France. Many came to the United States.
Some will not be sticking around to experience that joy of wealth redistribution in Washington state. Starbucks founder Howard Schultz just announced that he is leaving the state that launched his iconic brand. In his letter to Seattle, Schultz wrote “It is our hope that Washington will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas.” Schultz cited various reasons for leaving, including their “enter[ing] the ‘retirement’ phase of our lives.” However, for top taxpayers in the state, there are fewer and fewer reasons to stay.
Where is Schultz going? You guessed it . . . Florida.
Google pays $95 on a regular basis. My latest salary check was $8200 for working 10 hours a week on the internet. My younger sibling has been averaging $15k for the last few months, and he constantly works approximately 24 hours. I’m not sure how simple it was once I checked it out. This is my main concern…………. GOOD LUCK.
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