The tax-on-the-wealthy initiative that got its start at SOHO Coffee (a CDNews sponsor) looks to be headed to the ballot this November.
Today initiative organizers announced that they’ll be turning in 370,000 signatures to the Secretary of State before the deadline on Friday. That should be more than enough cushion over the requirement of 241,000 valid signatures that are needed before an initiative goes to the voters.
As we discussed in April, the measure will impose a statewide income tax on incomes above $200,000 for individuals and $400,000 for couples. Proceeds from the tax will go to fund education and healthcare, and will reduce state property taxes by 20% and eliminate the B&O tax on small businesses.
SOHO owner Barry Faught spoke in favor of the measure, saying that the removal of the B&O tax, which taxes a percentage of all business revenues regardless of profit or loss, will help many small businesses weather the rough economy.
I am sure hoping this passes!! The “little guys” need help with taxes for sure!!
I wish this initiative was more nuanced in terms of the property tax reduction: why not lower the property tax on an individual’s primary residence and leave it intact on the second residence?
It’s cute that people think this taxation is just going to stop at people making XXX percent. I give it two years before we all have both Income tax and a unreasonably high sales tax in this state. This initiative is a sneaky foot in the door, mark my words.
Cut costs. The chance to reduce my property taxes sounds great.
I would so easily be suckered with that prospect.
In reality they will just abuse this new power and tax everyone as they continue to expand government waste.
Washington state government achieves very little and has grown 30% in the last ten years it’s unsustainable at best.
If all this did was reduce the B&O and property taxes, that would be fine. But actually less than half of the money raised goes to those purposes; the rest is a tax increase.
The lack of an income tax is one of few incentives Washington has to attract high-worth individuals (job creators) to live here. Nine percent tax is less encouraging.
I agree with another poster, that one of the factors form my moving here was no income tax (something I sadly lost when I set-up in King County). It IS a factor.
I agree with another poster that questions where the tax measures will end.
But, I also agree with the spirit of this article and idea which suggests that the very difficult economic times that we are dealing with are being placed on the doorstep of joe q public, and his/her offspring…and their offspring. IF a reasonable income tax increase on those who can afford it will help. I would support such a measure.
Please, please, please-please tailor it carefully, and narrowly.
Finally, as my subject line implies, I would like to caution against releasing frustration on those with more resources. I am a devoted member of this community, and I have no sheriff of notingham to harass or bully my neighbors.
Sincerely,
WhoseitWhatsit
yeah, tax the small businessman that earns 500k and employs 12 people, smart, very smart. Where do you think his cuts will be? How about this: all of you lazy asses on welfare/unemployment, get busy being busy, quit complaining about someone else not providing for you. The system is broken, taxing the “wealthy” is a fantasy that lets you sit and get fatter/dumber/more in the hole in the meantime. Think self-sufficiency….