Blabber Buzz reported:
Written By BlabberBuzz | Wednesday, 10 February 2021 14:50
Amazon founder Jeff Bezos, one of the richest men in the world, would owe some $2 billion a year in state taxes if Washington state legislators were to pass a proposed wealth tax.
House Bill 1406 would impose a wealth tax exclusively on billionaires, accomplished by exempting the first $1 billion in household wealth. While most European countries have concluded that wealth taxes are economically harmful and fiscally counterproductive, the idea has drawn interest in several U.S. states, including Washington. The California bill would impose the tax at a rate of 0.4 percent; Washington shoots for 1 percent, which exceeds the rates in two of the three countries which impose the tax in Europe.
According to state Rep. Noel Frame, a Democrat who helped craft the
legislation, the state Department of Revenue estimates the bill would
bring in $2.5 billion a year by taxing some 100 billionaires.
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