Adriel HamptonSep 1, 2023
𝐿𝒶𝓃𝒶  

In 2021, Washington State passed a 7% capital gains tax on the rich.

To date, that tax has raised over $850 million dollars — three times what it was supposed to.

Amazon is still here.
Microsoft is still here.
Boeing is still here.

The wealthy are doing just fine. Anyone who tells you we can't tax "job creators" is lying to you.

https://www.google.com/amp/s/www.king5.com/amp/article/money/washingtons-capital-gains-tax/281-3fe9d8c3-7f89-46a5-ae91-e148a7f31c72

Aug 31, 2023 at 5:59pmWeb
Show threadRobin Syl 🌸 Aug 31, 2023
@LadyDragonfly If anyone uses the phrase "job creators" unironically then you can safely discard their opinion
Show threadPaul ShreadAug 31, 2023
@robinsyl @LadyDragonfly consumers are 2/3 of the economy so taxing the rich = economic growth and jobs #facts
Show threadChristopher WalkerAug 31, 2023
@LadyDragonfly Is Starbucks still there?
Show thread𝐿𝒶𝓃𝒶  Aug 31, 2023
@cswalker21 yep
Show threadChristopher WalkerSep 1, 2023
@LadyDragonfly
😁
Show threadAllan ChowAug 31, 2023
@LadyDragonfly ooooh OVER $250K no wonder my dad hasn't bitched about this.
Show threadgarlandAug 31, 2023
@grumpasaurus @LadyDragonfly yeah the number of people actually affected by this tax is EXTREMELY small.
Show threadAllan ChowAug 31, 2023
@garland @LadyDragonfly what's 850 MILLION divided by 7%!?
Show threadThe Greater MarinSep 1, 2023
@grumpasaurus @garland @LadyDragonfly 12 billion or so.
Show threadAllan ChowSep 1, 2023
@theGreaterMarin @garland @LadyDragonfly so insane
Show threadKevin Karhan Aug 31, 2023

@LadyDragonfly IMHO #CapitalGains should be taxed like #WageWork / #Labour if not higher and be subject to the same fees and surcharges...

Anything else would be unfair to the masses of people working.
https://www.youtube.com/watch?v=zB1FXvYvcaI

Warren Buffett, Secretary Debbie Bosanek Discuss Tax Rate Inequality in Interview

Billionaire's secretary, Debbie Bosanek, has become the face of tax inequality.

YouTube
Show threadKevin Karhan Aug 31, 2023

@LadyDragonfly all forms of payment and profits should be taxed equally if not higher than #WageWork...

https://www.youtube.com/watch?v=t6V9i8fFADI

How the rich avoid paying taxes

YouTube
Show thread𝐿𝒶𝓃𝒶  Sep 1, 2023
@kkarhan agreed. Anything less is a deliberate decision to redistribute wealth away from the working class to the non-working class.
Show threadKevin Karhan Sep 1, 2023

@LadyDragonfly *nodds in agreement*

It's also how #solidarity-based systems work, cuz there's no guarantee any of the #billionaires won't become cases for #SocialSecurity or otherwise incapable of making a living with their #CapitalGains.

Not that I wish anyone something bad - far from it - but what if Musk gets hit by a car or Buffet has a Stroke??

Show threadGen X-WingSep 1, 2023
@LadyDragonfly 7%? That is terrible and inhumane! Make it 70%.
Show threadEvil Chloé Sep 1, 2023

@LadyDragonfly "The wealthy are doing just fine"

aw fuck ☹️

Show threadHegelian PrincessSep 1, 2023
@LadyDragonfly damn so it didn't work
Show threadRoger MooreSep 1, 2023
@LadyDragonfly
California has also raised taxes on the rich- ours is a high marginal rate for incomes over $1 million- and we still seem to be doing fine. There's a big risk these taxes will be a more volatile source of income- if the stock market tanks, it will mostly dry up- but they don't seem to have done much to drive rich people out of state.
Show threadDonncha Ó CaoimhSep 2, 2023
@LadyDragonfly woah. CGT is 33% in Ireland. 7% is ridiculously low.
Show threadFortunateFool 🧊🦐Sep 2, 2023
@donncha @LadyDragonfly that's on top of the Federal rate of 0,15, or 20 depending.
Show threadBlair WadmanSep 2, 2023
@LadyDragonfly in Europe, a lot of companies are head quartered in Ireland because it has lower taxes.
Show threadАрктиканың қасқыры⊛ARCTICWOLFSep 2, 2023
@LadyDragonfly
Same in Greece...
Show threadMauriceSep 3, 2023
@LadyDragonfly let’s skip the taxing and go straight to the eating
Show threadJim Patterson 🇨🇦Sep 8, 2023
@LadyDragonfly I'm all for more #TaxTheRich but the #Washington capital gains tax is on personal income. It doesn't affect #Amazon, #Microsoft or #Boeing.
The question is, how does it affect the residency choices of owners or investors? The rich, smart ones, of course, are holding those shares in the #CaymenIslands or somewhere similar (and might even choose to live there for "tax purposes").
Just sayin'