Submitted by Bozzooo t3_120yder in Washington
nanobitegamer t1_je2h6f1 wrote
Reply to comment by mjarrett in Washington Supreme Court upholds new capital gains tax by Bozzooo
So it's a very good thing then? I could've sworn I saw a good amount of people complaining about this like it's bad
mjarrett t1_je2whn2 wrote
There's room for rational debate on either side, but I think the evidence points pretty broadly to this being good so far.
I've generally seen two complaints:
a) Taxing the rich is bad. If we leave the rich all of their money, they will use it to generate a better economy for everyone. If we tax the rich, they'll move themselves and/or their money away.
Trickle-down economics is pretty much bull****. The fraction of the profits going into the working class jobs versus into billionaires' literal rocket ships are exceedingly small and shrinking. The threats of capitalists leaving Washington are real, but widely overblown.
b) A $250,000 threshold this year will become $2500 next year, and next we basically have State income taxes like all those other shmucks.
Given the assumption that income taxes (favor the poor) are better than sales taxes (favor the rich), I'd rather tax money come from income taxes. But the risk comes down to the government saying "Why not do both?", and wasting the money on stupid stuff. It's Washington, so it could happen.
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