The Greedy, Selfish Billionaires Who Rig Taxes in Washington State
Hanna Brooks Olsen writes here about the billionaires of Washington State and their clever strategies to stay very rich whileappearing to be philanthropists.
They give to the poor. They give toworking people. They give to the homeless.
But they make sure that Washington State has the most regressive Taxes in the nation, which protects their fortunes.
Because when billionaires do anything for anyone else, it’s cause for celebration.
Because when billionaires do anything for anyone else, it’s cause for celebration.
We see this a lot out here in Washington state, a place that is uncommonly kind to people with ample wealth. This is not hyperbole; a report released in October found that, once again, the Evergreen State has the country’s most regressive tax structure. The richest percentile of residents — those who earn more than half a million dollars annually — pay three percent of their income in annual state and local taxes. Meanwhile, those who earn under $24,000 per year — many of whom live below the poverty line — shell out 17.8 percent.
This makes it difficult for lawmakers to tackle the big problems; for over a decade, Washington has struggled to fund basic education and provide critical mental health care to those in need. Every year, elected officials head into session wondering how they’re going to pay for new roads and transportation upgrades when property taxes are maxed out.
But this structure is not an accident. It is by design, crafted and upheld by CONTINUE READING: The Greedy, Selfish Billionaires Who Rig Taxes in Washington State | Diane Ravitch's blog
