Governor Ferguson just signed the Washington state budget, enacting the largest tax increase in state history. Notably he hiked the capital gains tax from 7% to just under 10% and the estate tax from 20% to 35%, which is the highest in the nation, by far.
Instead of reigning in spending and searching for long term solutions to Washington's critical budgetary and social problems, our Governor has chosen a path that will create massive long term economic damage to our state.
It is no wonder that Washington is facing an exodus of its most successful residents and small business owners. It is not merely that the illegal and unconstitutional capital gains tax destroys the incentive to build businesses in Washington state, it's also that there is no certainty about when and by how much the legislature will hike the rate next.
Worst of all, despite the incredibly high cost of living in WA and punitive tax policies, we have little to show for it. For example, despite having one of the highest costs per student to educate our children, the National Assessment of Educational Progress ranks Washington's as the four worst state in the country for educational results of our 4th and 8th graders. We face a drug and mental health crisis on the streets of our cities, while crime continues to rise.
What we are witnessing is an epic failure of governance and the unwillingness to address the issues that matter most to the residents in our state. At the same time other states are outcompeting us, building stronger economies, creating safer communities and attracting our residents away from the state.
It's a sad day to be a resident of Washington state.
@WaHouseGOP That proposed 20% B&O tax increase from 1.75% to 2.1%, off the top, for businesses with annual revenue > $1 million, is pretty brutal as well!! Clearly not sustainable. And the overall budget increase is off the graph!!
@BrandiKruse My 93-year-old mother-in-law has lived at the same address for 35 years, and she received the same letter today however, the reason why she didn’t cash the original check is that it was written out to someone who doesn’t exist…. looks like another normal campaign season!!
Could someone remind this woman of earlier this summer in Seattle, when another (pregnant) woman was "in a car" when a drug user ran up and shot her.
This "everything's fine" mentality allows her to keep voting for liberal elected officials promising they are keeping her safe.
Governor Inslee says he needs more money to clear homeless camps from state right of ways. So far, they've spent $143,000,000+ to sweep 1,299 people out of camps. 870 of those accepted housing. Only 126 have successfully exited the system. That's the equivalent of spending:
The exact same day that the FBI is forced to turn over to Congress absolutely damning and credible allegations regarding Joe Biden’s illegal, egregious, and treasonous corruption, Joe Biden weaponizes his Department of Justice to indict Donald Trump.
https://t.co/ndVv3dd76c
IN CASE ANYONE IS KEEPING TRACK OF THE MONEY IN 2023:
-Gov. Jay Inslee’s 2023-25 budget proposal includes $4 billion towards affordable housing, calling on legislators to focus on housing, homelessness, and mental health. @GovInslee
-Seattle Mayor Bruce Harrell proposed $970 million housing levy for affordable housing and homeless crisis. @MayorofSeattle
-King County Executive Dow Constantine wants $1.25 billion bucks for mental health services and facilities. @kcexec
-King County Regional Homelessness Authority CEO Marc Dones is asking for nearly $12 billion dollars to address homelessness. 10 X KCRHA’s operating budget for 2023. @KC_RHA
*I’m not a finance or economics major, but I think the cost of living in WA, King County, and #Seattle could be going up if these all pass as is. Correct me if I am wrong, but I think this is unprecedented. Just saying. Chime in if I am missing anything.🤷🏽♂️