Blue States Just Can’t Stop Taxing
10th January 2024
This year, seven blue states are pursuing even higher tax rates on the top 1 percent of earners, despite the evidence that these policies are detrimental to their citizens.
One such state is Washington. Once an importer of talent and brainpower because of its no-income-tax status, the Democrats who control all the levers of power in Olympia just enshrined a 7 percent capital gains tax, and the Democratic Washington Supreme Court strangely ruled that it’s constitutional. This is one of the highest taxes on the sale of assets in the country.
State Sen. Noel Frame (D-Seattle) wants a 1 percent annual tax on financial intangible assets—such as cash, stocks, and bonds—valued at more than $250 million. And then they wonder why one of the world’s richest human beings, Jeff Bezos, has moved to South Florida.