this post was submitted on 26 Jun 2026
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Political Memes

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Throw them in the garbage (lemmy.world)
submitted 5 hours ago by Zombiepirate@lemmy.world to c/politicalmemes@lemmy.world
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[–] pelespirit@sh.itjust.works 18 points 5 hours ago (2 children)

WA’s rich are leaving? Another tax on wealth smashes records by tripling the amount coming in from last year

“This morning we got the updated numbers for fiscal year 2026 for capital gains … it came in at $1.5 billion,” economist Dave Reich told state lawmakers earlier this month. “So a very significant increase, quite a bit above our forecast from what we had before.”

This is understating things by a fair bit. Last year this tax raised $584 million. So the revenue, which is a preliminary figure pending delayed returns, appears to have nearly tripled in one year. It quadrupled from the year before that.

This is not what the critics of tax-the-rich schemes said should happen. They predicted tax proceeds would deteriorate as rich people moved away or structured their finances to avoid paying it.

[–] justaman123@lemmy.world 10 points 4 hours ago

Yeah, rich people do what they want to do, leaving isn't one of them. They make too much money where they are, why would they leave. They need us way more than we need them

[–] manxu@piefed.social 3 points 4 hours ago

What is it people say? "It doesn't hurt to ask." In this case, billionaires can save a pretty penny by paying a few "influencers" and "intellectuals" to doomsday the tax away. In reality, the pittance they pay in wealth tax is not reason enough for any of them to move.

Even if they have to pay a 5% one-time wealth tax (CA proposal), that's nothing compared to what ordinary people have to pay in taxes, and ordinary people actually need that money.