Socialist Seattle Approves Hefty Tax On The Wealthy
On Monday, the Seattle City Council unanimously approved an income tax on wealthy residents of the city. The measure imposes a 2.25% tax on total income above $250,000 for individuals and above $500,000 for married couples filing their taxes together. The city estimates the tax would raise about $14 million a year and cost $10 million to $13 million to implement; another $5 million to $6 million per year would be required to manage and enforce the tax.
Does Socialist Math work ? The tax will cost 10 to 13 million to implement and another 5 to 6 million to manage ?
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"The city estimates the tax would raise about $14 million a year and cost $10 million to $13 million to implement; another $5 million to $6 million per year would be required to manage and enforce the tax." So this is a tax that will actually result in a net loss of revenue of $1M to $5M per year Leftist math never works. I wonder whom they will blame/victimize next? The 10 to 13 million to implement did not say per year, so that means it is only a 1 time loss. So, after the first year there will be 13 plus 6 million in loss = 19 million - 14 million = 5 million in losses. After year 2, there will be 6 million lost and 14 million gained. That's 14 - 6 - 5 million = 3 million gained after 2 years. Every year after that will be an additional 14 - 6 million = 8 million gained every year. 2
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That's an excellent opportunity for any budding entrepreneur to hire a fleet of coaches to meet the mass Exodus of Seattle's wealth and employment creators. The loonie left's fanciful notion that 'robbing' the wealthy will solve their fiscal problems has long since proven to be, not only a failure, but to be a counter productive measure which exacerbates the difficulties . 2
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Hello Poochy boy: Let's review, shall we.. The average house is Seattle is worth a $ MILLION.. Houses INCREASED in value 18.9% last year.. In REAL money, and without doing ANYTHING except enjoying your life in Seattle, the average homeowner put $189,000 into his pocket.. Now, let's say you make a $Million a year. $750,000 of that will go to the city for its new tax of 2.25%, which works out to $16,875.. So, it COSTS you $16,875 in taxes to live in Seattle, but your house appreciates $189,000.. That's more than a 1,000% return on your investment.. DUDE! Now, go get this bone.. excon |
