Last week, every House Democrat voted to impose a new state income tax
In 2010, voters overwhelmingly rejected Initiative 1098 and its’ imposition of a new state income tax. Voters crushed it at the ballot box with a 64.15% NO vote. It lost in every single county, including King.
Nonetheless, last week, every House Democrat ignored that citizen mandate and voted to impose a new state income tax. They’re calling it a “capital gains tax” which reminds me of Shakespeare’s Romeo & Juliet: “A rose by any other name would smell as sweet.”
The only way to impose such a tax is for the state government, for the first time in Washington’s history, to collect the personal income tax returns of all its’ citizens.
That is a Pandora’s box that we must never allow Olympia to open.
The governor’s budget office says this is a $6 billion tax increase. But their projection is completely bizarre:
|Fiscal Year||Capital Gains Tax|
In 2022, 2023, 2024 & 2025, they say that state government is going to collect exactly the same amount of money from the taxpayers? Really? State income taxes and capital gains taxes are wildly volatile — that’s an historic fact. Yet, state government is assuming IDENTICAL revenue for each of those years.
And why is state government going to collect $647 million in 2018, drop to $347 million in 2019, and then shoot back up to $665 million in 2020? Does the governor’s budget office have a crystal ball that predicts a one-year, and one-year only, recession 4 years from now?
It’s goofy. It’s silly. It’s just plain dumb.
But this is what happens in Olympia when there isn’t a 2/3 vote requirement for tax increases.
The most effective way to fight back against this tax-hiking insanity is by helping us get the 2/3-For-Taxes Constitutional Amendment Initiative on the ballot. This is the most exciting, impactful, needed initiative we’ve ever done. Voters clearly need permanent protection from Olympia’s insatiable tax appetite.
Success is the only option with the signature drive for I-1366. Please help us make it happen.