You know the old saying: when all you’ve got is a hammer, everything looks like a nail. Well, many of Washington’s lawmakers seem to be addressing the state’s budget problems with one – and only one – tool: raising taxes. Because, you know, who doesn't love paying more taxes?
Here are Five Fast Facts on the tax and budget situation in Washington State:
- 🥧 Capital Gains Tax - They're introducing a tax on capital gains, which means if you make money from selling stocks or other investments, the state wants a piece of that pie. A big piece, too, thank you very much.
- 💰 Wealth Tax - A proposed tax targeting the ultra-wealthy. If you're a billionaire, better dig down in your Boca do Lobo couch cushions for extra change…or loose diamonds. You know, whatever you find down there.
- 🏭 Carbon Tax - Polluters, beware! A tax aimed at reducing carbon emissions is on the table, too. Time to rethink that coal-powered skateboard.
- 👀 Political Landscape - Democrats are pushing the tax hikes, saying it’s the only way to close the budget hole. Republicans disagree and have proposed a budget that has no tax hikes at all. Governor Ferguson seems open to moderate tax increases but not the full Dem package. He wants a political future, apparently.
- Simon (The Citizen) Says… - Washington voters like the tax hikes about as much as a root canal, with 80% saying the government should cut back instead of raising taxes.
🔥Bottom line: There’s quite the battle going on over the budget and how to fix the massive hole in it. Different bills are making their way through the House and Senate now, so if you want to offer your two cents to your elected reps, you’d better do it fast. Whether you're cheering or groaning, one thing's for sure: the taxman cometh.
What do you think is the solution?
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