Source: The Patriot Light | AWK Network | VIEW ORIGINAL POST ==>
Gov. Jay Inslee’s proposal for a “wealth tax” is drawing sharp criticism from Seattle business leader, entrepreneur and Democratic supporter Nick Hanauer.
Hanauer posted on X, ripping the proposal apart, calling it “impractical” with “serious legal challenges.”
“I’ve spent my life working to address income inequality & progressive taxation,” posted Hanauer. “We worked hard to create the conditions that made the capital gains tax possible and thus many of WA’s wealthiest citizens were supportive of its passage. The opposite will be true for this tax.”
A wealth tax is imposed on the value of some or all of a taxpayer’s assets, such as stocks, real estate, and businesses.
A Nov. 2024 report from the state Washington State Department of Revenue on a potential wealth tax noted, “Even with updated income, forecasts, and other data points, the fiscal model cannot predict the exact revenue a wealth tax in Washington would generate… It will also be difficult to accurately assess compliance rates and behavioral responses.”
The DOR report also predicted a wealth tax could be difficult to administer due to legal challenges and risks that wealthy individuals…
Read the full article here
