As living costs rise, the state where Gates and Bezos made billions is targeting top earners – could other states follow?
Noel Frame knows exactly how difficult it is to raise taxes on the ultra-wealthy, because she has been trying to do just that – first as an activist, then as a state legislator – for the past 15 years. And until recently almost all of her efforts ended in failure.
She lives in Washington, a solid blue state that should, in theory, be hospitable to the idea of more progressive taxation and has plenty of multi-millionaires to target, since it is the home of Microsoft, Amazon and an array of other tech-driven corporations. While the wealth of these tech giants has grown exponentially in recent decades, the state – which levies no income taxes – has struggled to bring in enough revenue to pay for basic services like public schooling and long-term healthcare.
Continue reading...
