Update: Washington’s Millionaires Tax — A Prominent Democrat Criticizing Democrats

Former Washington Governor Christine Gregoire and Democrat has criticized her party for passing the controversial millionaires tax in the last session of the Legislature. The former governor spoke out at the Association of Washington Business Spring Summit when she was asked if the Washington Legislature actually understands the impact of this law and other decisions affecting the state’s economy.

"No, I really don't, as evidence by, you mentioned the estate tax," Gregoire said. "I argued with some folks about the estate tax. We were the highest in the country, tied with Hawaii at 20%. We went to 35%. We're not just the highest. We're beyond the highest.”

Gregoire said the non-understanding of decisions made affecting the economy started with raising Washington’s estate tax to 35%.

"Because here's what you can expect. Those people (the rich) are not homeless. They will not pay. They’re leaving,” Gregoire said. “When they leave, they stop paying capital gains. When they leave, they stop giving significantly to philanthropy, which would otherwise be necessary by government. So you understand, do you see the consequences of what you’re doing? And the answer is no.”

She also noted these tax decisions to do budget balancing seriously impact small businesses.

"I would suggest to you, we don't really have an income problem," she said. "We have a spending problem, and we're answering it by stacking one more tax, one more rule, one more regulation. And the one thing that the business community doesn't need is that lack of predictability. That's how businesses grow, that's how they thrive. That's not healthy for our business community at all.”

To its credit, the Washington Legislature dropped the capital gains tax to 20% in the last session.

Source link: Fox News – https://bit.ly/3Psd6ce