This is one of the better written arguments against @GovBobFerguson income tax. Bravo @VietQNguyen
"I understand the argument that Washington’s tax system is regressive, but the path to tax reform runs through the Constitution — not around it. Washington voters have been asked at least 10 times whether they want an income tax. They’ve said no every time. The response should not be to pass one anyway and block a public vote."
https://t.co/xoqh5MqaiI
Hannah Dubyne, a realtor from Clark County, did an excellent 'by the facts' breakdown of the new Washington income tax.
Worth watching and sending to friends who are not in the loop, as it goes over how consequential it is going to be for our state.
Hannah Dubyne | Living in Vancouver & Camas Washington
Link: https://t.co/ykCPwhwK1e
Pathetic. Bob Ferguson can’t even own what he is doing to Washington’s economic future with this ill conceived income tax without this ridiculous claim that “Donald Trump & Congress made me do it.” I never thought Jay Inslee could be topped for brazen political jackassary, but here we are.
My life’s work has been to maximize the size of the pie for the innovation economy: better, bigger outcomes for founders, company builders, and the entire region. For 26 years, I’ve strived to build a vibrant startup ecosystem here in Washington, and I’m very concerned that a state income tax would not only crush the innovation economy that Washington has come to take for granted but also fail to achieve its stated goals.
Today, I published an op-ed in @GeekWire laying out my concerns in detail.
First, we need to clear the air on the narrative being used. The term “millionaire’s tax” itself is inaccurate. Let’s be clear: this new tax is an income tax. No income tax in history has ever stopped at just high earners. The legislature is trying to convince you otherwise, but their own track record proves otherwise: they’ve raised gas taxes, payroll taxes, revenue (B&O) taxes, and capital gains taxes. In Olympia, it’s never enough! They are trying to claim that an income tax won’t broadly expand in a future “emergency,” but it is folly to trust them on something with such severe risks.
My inspiration for expanding the pie is derived from my own direct life experiences. My mom never went to college, and my dad was the first in his family to attend college. They met in the U.S. Army, and both worked incredibly hard to provide an opportunity for our family, which paved the way for me to study and work hard. Twenty-six years ago, I took the greatest risk of my life to move our young family from Georgia to Seattle to join a fledgling investment firm backing founders right as the dot-com bubble burst! Our firm, Madrona, helped founders prioritize, cut costs, and survive a true economic crisis exacerbated by 9/11. Founder resilience produced amazing success stories that contributed back to Washington state in countless ways. Now, many of those entrepreneurs have left the state for other regions that are more supportive of their contributions.
Everyone deserves an opportunity to realize their full potential in life and earn the benefits from their hard work and risk-taking. Most who succeed choose to be very generous with their time, talents, and resources in the communities where they live.
If state political leaders try to paper over bad economic policy with yet more taxes, those taxpayers will simply leave for a different state, meaning the state still won’t get the additional tax revenues they seek, and the innovation economy will be much worse for it.
Ultimately, this income tax would serve to divide the pie rather than expand it. It would drive innovators away from Washington and leave us significantly weaker — and poorer!
Sadly, that is not a narrative but a reality the state will have to live with forever if they create an income tax today.
https://t.co/MR8fw53Nhj
Must read for Washingtonians concerned about the state's future - A new letter from tech leaders lays out the damage a new 9.9% income tax would do to Washington state’s economy. https://t.co/DjpC2ISfDq via @WSJopinion
I guess the Seattle SuperSonics aren't coming back after all.
Washington’s proposed millionaire tax is already spooking the NBA. It’s just one part of a tax stack that would hit founders and small businesses harder than anywhere in America.
https://t.co/Ng6HZngZlm
Chance meeting with my favorite football analyst @danorlovsky7 on a flight today. It appeared he was working hard the entire flight - 5+ hours! Mad respect for his work ethos - I can see why he’s best in the business!
@tejchilli@Hadley :) understand where you’re coming from. These two are diff modalities (relational vs doc db) catering to very different types of usage patterns. For a good explanation see https://t.co/0FK0vDaI6b
@StevenXi07@Hadley I do think the next big thing are converged data platforms as the need for transactional (aka OLTP) v. analytic (aka OLAP) was born in a strict relational world with expensive storage - thus a world of hard choices & optimization. Databricks is definitely leading the way.