How can they be so dumb and not get what the natural result will be? Anyone with money will flee, along with their money and whatever jobs they were providing…
Via Fox Business:
Washington is one of seven states that does not have a personal income tax, but this week one of its cities approved one on just its wealthiest residents.
Late Monday the Seattle City Council voted unanimously in favor of a personal income tax on its top earning residents. Individuals with incomes in excess of $250,000 and those filing jointly with incomes in excess of $500,000 would be subject to a 2.25% tariff. People with incomes below those thresholds would not be affected.
Seattle believes the tax will raise around $140 million per year and could help close the wealth gap in the city, while the mayor also cited President Donald Trump’s economic agenda as a reason to introduce the tax.