Washington voters are set to vote on whether or not to keep or repeal the recently passed “millionaire’s tax.” The measure they’re voting on is called I-645, and a “yes” vote would end the millionaire tax. A “no” vote would allow it to take effect. The problem with setting a millionaire tax precedent is government always runs out of other people’s money and will quickly lower the “million” to whatever they want.
Former Congresswoman Jaime Herrera Beutler, who is fighting to repeal the millionaire tax is warning voters that the threshold for the tax could be lowered. Meanwhile, supporters are already hedging on promises that it would not be by saying that if it is, it will have been voted on by state residents. KOMO News reports:
A “yes” vote on I-645 means you want the tax to be repealed. The “yes” side argues that the income tax will eventually apply to every Washingtonian.
“Voters deserve the truth. This is an income tax, and it has been designed to expand to every single Washingtonian,” Beutler said. “Whether you’re a truck driver or a hairdresser or a plumber. It was designed to be expanded to to your income.”
The law does not have any protections from expansion written in. State leaders have said that it is not their intention to ever expand the tax.
“Don’t trust what they say. Trust what they’ve done,” Beutler said.
“99% of us are not going to pay this tax,” Watt said. “And the fact is, voters are always going to have the final say on any efforts to lower that threshold.”
Action Line: Voters have seen this many times. It rarely ends well. Every successful American should pay attention to this. It’s the savers who are looked upon as the piggy bank, no matter their net worth. Government never earns money, it takes yours. Click here to subscribe to my free monthly Survive & Thrive letter.
