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Washington voters are considering an initiative that would impose in income tax on individuals who earn more than $200,000 per year (and households that bring in more than $400,000). The state currently does not have an income tax of any kind. If passed, Initiative 1098 (pdf) would also cut state property taxes and exempt some businesses from the business and occupation tax. Not surprisingly, the proponents of I-1098 are playing up the tax cut, while those who oppose the initiative have focused their campaign on the income tax hike.
Washingtonians who championed the tax measure were encouraged by Oregon's passage of Measures 66 and 67 earlier this year. This pair of ballot measures increased the state income tax on individuals earning more than $250,000 (and households bringing in more than $500,000). Washington and Oregon aren't the only states to consider raising taxes on high income earners in the past year. Eight states passed new income taxes affecting the affluent in 2009, though each state defines "rich" a little differently.
Are you a Washington voter? What questions do you have about I-1098? How would Oregonians be affected if the these taxes in Washington changed?
GUESTS:
- Marilyn Watkins: Policy director of the Economic Opportunity Institute
- Amber Carter: Director of tax and fiscal policy with the Association of Washington Businesses
- Ashlea Ebeling: Associate editor at Forbes Media
Tagged as: 2010 election · economy · initiative 1098 · measure 66 · measure 67 · taxes
Photo credit: jimmywayne / Creative Commons
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To clear up a frequent misconception: IF a resident of Washington State works in Portland and commutes, she pays Oregon State Income Tax, Oregon Disablity Tax, and Oregon Social Services Fund Tax. She pays Washington State Property Tax, which is comparable if not a bit a more than Oregon. Most renumerative jobs in the Twin Cities are on the south shore. There is NO tax haven.
Of course for Oregon purchase, sales tax is a small break. Fuel Taxes are comparable. Of course you can move to Alaska--no sales tax and no income tax and a oil funded rebate--but you got to live near Sarah Palin.
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Yes, but will you be able to see Russia from your porch?
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The fact that Washington has no income tax is a nice feature for those of us who live in Clark County. If you live and work here there is no income tax on your earnings or income from investments. Having worked in Oregon and Washington, I much prefer living and working here and saving the 10%+ I would otherwise send to Salem on Oregon-based wages.
Also, Clark County residents can take a short ride across the river and buy retail items without paying sales tax, which is an added benefit to living on this side of the river.
The ballot measure to selectively tax wealthy folks is foolish. My bet is that it will be beaten down decisively. Why begin the road to an income tax here? I think the electorate will reject the measure as it has similar measures in the past.
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It sounds like the pro-measure guest is "selling" the sales tax by telling us (repeatedly) that the average Clark County property owner will pay less than $200 less in property taxes.
This will most probably be a temporary reduction. Also, this is a crummy trade-off when the potential of a state-wide income tax is realized. Can anyone really believe that a state income tax will only stay a tax on rich folks? Of course not. As soon as the revenue-producing potential of income tax is weighed by the legislature they will expand it.
No income tax. Ever.
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Did I hear the representative for the Opposition call Steve Ballmer, CEO of MSFT an entrepreneur? Bill Gates and Paul Allen were the Entrepreneurs who founded Microsoft, Ballmer is really nothing more than a (glorified) employee.
I agree that Jeff Bezos (AMZN) is an entrepreneur, however.
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Bill Gates Jr wasn't even an entrepreneur. His mother was on the board of IBM when IBM needed an operating system for their PCs and she told Bill Jr about their need, who went and bought an already developed system for $50k and set up the deal with IBM. Bill Jr was born with a silver spoon in his mouth, for sure.
Hmm, so would a conservative call Bill Jr a "nanny-entrepreneur" and Microsoft a "nanny" business?
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Tax is one of the integral source of government fund, during bad economy tax hike had been a subject of negotiation, obviously it will affect most businesses but if that's the only way for the government to pool the necessary amount of money I have nothing agaist with the proposition. Just make sure that the increase are still justifiable that wont hurt much most businesses . We have to exhaust all the possible means just to make sure that we are getting on the right track in keep our economy stable.
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My bet as a Portland, OR resident is that if it passes, Clark County & Vancouver, WA aren't going to see continued explosive population growth: http://en.wikipedia.org/wiki/Vancouver,_Washington#Demographics