Thursday Night time Owls: Washington state lawmakers ponder a 1% wealth tax

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Many witnesses identified that Washington state has some of the regressive tax techniques within the nation, with no revenue tax, a weak company tax system, and an overdependence on gross sales taxes. “Low revenue households pay 18 p.c of their revenue in taxes whereas the very rich pay lower than 3 p.c,” noticed John Burbank from the Financial Alternative Institute in his testimony.

“This state is a superb place to boost a household and to plant roots,” stated Mary Curry, a Tacoma resident and proprietor of a day care middle, in testimony earlier than the committee. “However how do I construct when the tax legal guidelines are so harsh to the working class comparable to myself?”

Washington state has been hammered in the course of the pandemic, with practically 312,000 state residents falling sick from Covid and 4,300 deaths. An estimated 2.1 million of the state’s staff misplaced jobs in the course of the accompanying recession. The state authorities is going through a three-year funds hole of $3 billion.

“Wealthy millionaires like me pay lower than what staff pay, even those that are barely getting by,” stated Dan Value, CEO of Gravity Funds. “Even after this tax, billionaires will nonetheless pay a decrease proportion than working folks right here… We have now a $3.3 billion funds deficit that must be closed. There’s a straightforward strategy to shut it.”

Plenty of legislators pointed to research by the Americans for Tax Fairness (ATF) and the Institute for Coverage Research (IPS) on the rising focus of billionaire wealth. As of February 2019, Washington state’s 13 identified billionaires had $293 billion in wealth. By January 29, 2021, their whole wealth had elevated to $474 billion. Within the final 10 months, beginning with the pandemic lockdown in mid-March, Washington state billionaires noticed their wealth surge by a mixed $151 billion, a rise of over 47 p.c. […]

THREE OTHER ARTICLES WORTH READING

COVID Has Turned These Nursing Home Residents Into Activists Fighting to Show Their Lives Matter, by Molly Schwartz. New York has severely undercounted COVID deaths in these amenities.

If Senators Won’t Kill the Filibuster, They Should at Least Sweat for It, by Elie Mystal and The Nation. The present model of the filibuster calls for nothing of senators aside from the will to gum up democracy. That has to alter.

Have Democrats Finally Realized That Power Is Only Real If You Use It? by Sam Loeb. After many years of cowering underneath the yoke of bipartisanship, Democrats lastly confirmed a willingness to flex their energy.

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BLAST FROM THE PAST

On this date at Every day Kos in 2007—The Wages of Bigotry:

Once they’re making an attempt to get you to vote for that referendum that bans same-sex marriage*, they let you know that it is all about The Sanctity of Marriage, and Defending Spiritual Freedom, and that after all it isn’t about Screwing Over Homosexual Individuals.  It isn’t going to disenfranchise anybody, they are saying—it is about setting some common sense limits.

Actions have penalties, although, and the folks of Michigan are about to appreciate that their 2004 vote to ban same-sex marriage did, in truth, relegate a whole class of residents to everlasting second-class standing. As a result of the Michigan Courtroom of Appeals held at the moment that the homosexual marriage ban additionally bans same-sex home associate advantages. […]

So even a quasi-autonomous public entity just like the College of Michigan is now prohibited from providing a few of its high workers home associate advantages. Single opposite-sex companions, after all, can proceed to get pleasure from the advantages. However homosexual workers and their households are SOL, even when they have been receiving household advantages for years. Is that what Michiganders anticipated once they handed their marriage ban? Who is aware of. However no matter what they anticipated, <>this is what you truly get if you vote for a feel-good “safety of marriage” referendum.  It doesn’t matter what its purveyors let you know, if you happen to learn it carefully sufficient, someplace buried within the high quality print, you may discover the wages of bigotry.  At the moment, we’re reminded that they finally come due.