“When we look at the issues that are state is facing, how we’re not funding education enough, how we’re not doing enough to address climate change, not doing enough to really shore up basic needs such as our roads and transportation, I think largely it comes down to having an unequal tax structure — a very regressive tax structure in Washington State,” said Sen. Joe Nguyen.
Unlike the House’s Extraordinary Profits Tax — essentially a capital gains tax — Nguyen’s proposal would impose a tax of varying rates, on employers in the state for each worker they have in Washington earning more than $1 million a year.
“For instance $1 million to $5 million, it’s about a 5 percent excise fee on employers who have people who make that much money; $5 million to $10 million, it’s 7.5 percent, and $10 million-plus it’s 10 percent,” Nguyen explained.
All employers in the state would have to pay this tax, but only on those employees who earn $1 million or more working in the state. That accounts for about 3,000 people, according to Nguyen.
“This is not meant to hurt small businesses, not meant to hurt large businesses…”
Who are these people that think they are entitled to this money?