The 3-D Mega Taxes: A Recipe for Economic Disaster

Washington state is considering a series of significant tax reforms:

• Wealth Tax: A 1% annual tax on intangible property exceeding a certain value, targeting assets over $50 million.
• Jump-Start Tax: A statewide tax with rates up to 6.2%, significantly higher than existing local taxes, aimed at businesses with substantial income.
• B&O Surcharge: An increased rate of 1.484% on businesses with sales over $500 million, affecting major companies like Boeing.

Each of these proposals carries potential consequences for jobs, businesses, and the overall economic stability of the state.

Historical data indicates that similar tax regimes have faced challenges globally, often leading to capital flight and economic downturns.

It’s crucial to consider whether implementing these untested, high-cost policies is a prudent decision for Washington’s future.