Last month, outgoing Washington state Gov. Jay Inslee proposed a 1% tax on an individual’s wealth above $100 million as part of a plan to plug a projected budget shortfall of between $10 billion and $16 billion , depending on who you ask.
“We have proposed what I call a very modest tax on incomes of extraordinary amounts,” Inslee said at a Dec. 17 press conference where he rolled out his proposed state operating budget. “I am proposing a new wealth tax and over four years under this proposal, the wealth tax would generate about $10.3 billion.”
The governor continued: “There are just over 3,000 wealthy Washingtonians who fit into this criteria.”…