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Every time a state proposes a tax on the rich, someone predicts an exodus — like WaPo is doing now.
But it never happens.
The rich are deeply embedded in their communities and typically choose where to live based on many factors other than taxes.
www.vitalcitynyc.org/mamdani-tax-...
Most DC residents earn far less than the $500,000 threshold for this tax.
Among DC adults with incomes below $500,000, about 60% have bachelor’s degrees.
And at least 2/3 of the married people in DC would be exempt because they live in households with incomes below $500,000.
WaPo is calling this a "tax on educated and married people." They clearly didn't read the latest details of the proposal.
The tax would only apply to those with incomes exceeding $500,000.
About 96% of the tax would be paid by people with incomes over $1 million.
The revenue raised from this tax can be used to strengthen investments in schools, roads, health care, and other elements of a strong economy. itep.org/wealth-proce...
DC City Council is considering a version of our Wealth Proceeds Tax — a tax on passive investment income, such as capital gains, from wealthy households.
The Washington Post editorial page on Monday mischaracterized this proposal and its implications, so let’s clear things up.
"Americans have paid over $50 billion more to the oil industry since prices began rising after the war started."
Put another way, each American household has already paid nearly $400 more in higher prices due to the Iran war.
time.com/article/2026...
itep.org/iran-war-fue...
As cities face budget shortfalls, more are exploring ways to tax the wealthy.
Building a budget that doesn’t rest on the shoulders of its poorest residents is not only a moral imperative, it’s smart, responsible, and sustainable tax policy.
thephiladelphiacitizen.org/better-budge...
More states are opting out of a massive tax break for the rich.
Simply put, QSBS allows millionaire investors to pay zero income tax on their profits.
32 states are still allowing this tax break, and it's costing them billions in revenue.
itep.org/state-decoup...
