Two weeks ago we reported that Washington State – home to Microsoft, Amazon, and dozens of other major tech companies – will impose its first-ever capital gains tax of 7% on annual gains of more than $250,000. The State Supreme Court twisted the plain logic of Washington State’s constitution – which clearly prohibits any income tax – and green-lighted the state legislature tax scheme.
So the dam has been broken and woke Seattle now wants to have an add-on city capital gains tax. Across the country, businesses and people are fleeing blue cities and states and escaping to freer red states. Apparently Seattle, Washington wants to catch up to New York and California.
No word yet on what gazillionaires Bill Gates and Jeff Bezos are planning to do.