Blue-State Suicide
It's not just California and New York. All across the nation, blue states are committing political and economic suicide by targeting millionaires with high taxes. Who will suffer most from this misguided, ideologically driven push to punish the wealthy? Wage workers and the poor.
Leftist Democratic pols calling for states to tax the rich are ignoring the fact that the rich can exit their state, taking jobs, tax revenue and the right to congressional representation with them. The states that fall for the tax-the-rich mania will be left in the dust, with failing economies and shrinking political clout in Congress.
In Seattle this week, a slim Democratic majority in the legislature is slated to pass a 9.9 percent income tax on millionaires. Washington state has never had an income tax -- its constitution actually prohibits it -- but Democratic Gov. Bob Ferguson is vowing to sign the measure into law.
Washington state already ranks a dismal 45th out of the 50 states in tax friendliness because of a heavy burden of sales, capital gains, property and excise taxes. This millionaire tax will drive out business. Already, Starbucks is moving a significant share of its corporate management to Nashville, Tennessee; the state ranks eighth in tax friendliness and has no income tax.
The Washington Education Association, a teachers union, is pushing "tax the ultra-rich" as its top........
