WA state income tax???

[deejayoh]

[perfectfire]

[ira s]

. This can be accomplished via income taxes and estate taxes to help redistribute money so that everyone has an equal chance to become wealthy.

And yet estate taxes are based on income which has already been taxed.I'm usually in the camp of left leaning tax the rich, but estate taxes are double taxation.

[Dave0]

[WestSideBilly]

[rose-colored-coolaid]

[explorer]

I strongly disagree that estate taxation is "double taxation." Especially when the estate tax threshold is so high, and there are also reasonable exemptions. So few, other than the very, very wealthy, are even subject to it. This taxes the UNEARNED transferred wealth of HEIRS, one time, not the original earner(s), who cannot take it with them... So, by definition, it is NOT double taxation. Very few of those on this board would even be subject to it.

Trust fund babies and heirs will still survive quite well, and the large amount of money left over after the one time tax is more than adequte to provide for the heirs. I won't get into the socio-economic reasons this is necessary as well.

As for the State income tax, the proposal DOES provide for a reduction of the sales tax, as well as property taxes and a cap on assessments. If they threw in an exemption on the first 50K of income, with a Constitituional cap on increases, I bet it would pass. As it stands, relying on sales taxes and fees is a boom/bust dependancy, and is likely a major reason revenues are not predictable, and difficult to make any kind of a realistic budget for programs.

[explorer]

BTW, reliance on regressive sales taxes also put a disproportionate burden on the poor to spend what they don't really have on those other necessities of life: clothing, health care items, and transportation.

[FreedomLover]

I say HELL YES to a progressive state income tax. About time we taxed the Republican assholes into oblivion.

Also institute a luxury sales tax on the Republican assholes who buy $70K BMWs.

[ira s]

I strongly disagree that estate taxation is "double taxation." Especially when the estate tax threshold is so high, and there are also reasonable exemptions. So few, other than the very, very wealthy, are even subject to it.

Although the federal estate tax threshold is high ( 2 million?), many states have their own inheritance or estate taxes with much lower thresholds, and some of those states count the value of houses.
It may not be the same people paying the taxes twice, but the people who had the money and died had that money taxed as they earned it, and when it's inherited it gets taxed again.
Don't get me wrong. I'm ALL in favor of taxing the rich.

[WestSideBilly]

[ira s]

Also institute a luxury sales tax on the Republican assholes who buy $70K BMWs.


What about the Democratic assholes who buy $70k BMWs?

No, that would be the Volvo Tax....

[EconE]

I don't know why they ever got rid of the "luxury tax". I understand they dropped it for yachts over a decade ago and reduced it significantly (if not dropped completely) for cars over 35 or 40k...whatever it used to be.

Not only should yachts and luxury cars be taxed up the yin yang but ultra high end watches, artwork, clothing, spirits, audio gear, and any other toys that only the top .0000001 play with.

Don't worry. The people I'm thinking of certainly aren't here on the SB...so no need to get defensive. They're on their superyacht in Monaco right now and will do juuuuust fine....even if their next Yacht/Picasso/Bentley etc. costs more than the last one.

[WestSideBilly]

[rose-colored-coolaid]