From the Seattle Times:
Expect a push to seek voter approval in November for an income tax that hits couples earning more than $400,000 a year.
Bill Gates Sr. and others are expected to announce an effort Wednesday to put Initiative 1077 on the ballot.
The group would need to collect the signatures of at least 241,153 registered voters by July 2 to qualify for the ballot.
Currently, Washington State has no income tax at all.
There’s a hidden danger in the idea of making a cash cow out of a very small segment of the population, instead of taxing people on a broad-based and more-or-less fair footing. It’s easy enough to soak high-income earners, but then, suddenly, they start making decisions based on your folly.
Small business owners start saying things like, “Probably not worth taking the risk of expanding.” If they’re small enough to escape ObamaCare’s grip, they might say, “Let’s drop our health coverage.” Or even, “Let’s move out of state.”
Depending on the details, that sometimes goes for big businesses, too.