The Poor Rich

On January 1, 2022 Washington’s capital gains tax became law. It taxed capital gains of individuals at 7%. Not all capital gains, just those over $250,000.  There are 7,710,000 million people living in Washington. About 3700 Washington  state residents paid this tax. Most of us don’t have capital gains and only 3,700 have more than $250,000. That, I believe is .04% of the population. These are the richest of the rich.

In the two years this tax has been in effect it has collected $900,000,000. All of this money is earmarked for education, helping the poorer districts build new schools, up grade curriculum and generally bringing all school districts to an equal footing. So how has this affected these 3700 very rich people. Each one would have to pay $250,000. That’s an average. Some would pay more, some less. This, of course is only 7% of the actual amount of capital gains. The total amount of capital gains is about $3,500,000. This is above other income, which I feel is considerable.

This tax pushed Washington out of number 1 as the state with the most unfair system of taxing. The people earning the least pay the greatest percentage of their earning in taxes, the richest the least. We’re now #2, Florida is #1. One of these really rich guys has got enough signatures on a referendum to get rid of this terrible tax. He sued, saying it was an income tax. The courts said no it wasn’t and Washington started collecting money. Now we will be hearing if we let this tax continue the state will add an income tax. Can’t, income taxes are illegal.

Come November you may get to vote to abolish this tax. You can give these 3,700 rich guys their $250,000 dollars back and take $900,000,000 away from our education system. Seem fair?

Published
Categorized as Taxes, Voting

By Bill

A retired teacher

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