I support the “wealth tax” of 1 percent on billionaires in the state of Washington. Forbes recently published a list of the top four billionaires in the world. Three of the top four live in the state of Washington (April 7, 2020). The Institute for Policy Studies also published a report on the richest 685 billionaires in the United States. Four of the top 18 live in the state of Washington (March 18, 2021.)
And yet, there is hesitation in our state Legislature to add even a 1 percent tax on capital gains. Suggesting that because the state budget is in fairly good financial shape right now, the ultra-rich should continue to have a free pass on paying taxes is an overworked excuse.
I found the reported comments by the lawmakers in the 17th District to be amazingly critical of the suggestion that taxing the rich is not only unnecessary due to the “rosy” picture of the state budget at this time, but also cumbersome since so many tax bills are being introduced. I was especially surprised at Rep Harris’ comment that we never talk about “getting rid of taxes … just adding them.” Should we “get rid” of taxes? All the things that taxes pay for and make life possible, become invisible for us because we take them for granted. These are things that we, as taxpayers, have used in the past, use now or may need in the future. Think about roads, emergency services, schools, libraries and even vaccines.
A 1 percent tax on people who are billionaires (that is nine zeros), would hardly be a tax burden for them and it would secure our state budget for the future. I support this tax and hope our legislators work together to create the funding for the present and future needs of the people in our great state.
