Seattle ‘rich’ tax is punitive, punishment for success and won’t work: Stuart Varney

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Seattle 'rich' tax won't work: Stuart Varney

FBN's Stuart Varney sounds off on Seattle's income tax on the wealthy.

Here they go again... The socialists of Seattle have approved a new tax on wealthy city residents.

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Washington state does not have a state income tax. Seattle wants to fix that. The city council has approved a 2.25% tax on high incomes. They think it’s a prelude to a state-wide income tax.

Can we be clear? This tax is punitive. It's punishment for success. And, it won't work. Remember, Maryland imposed a millionaires tax some years ago. That didn't work: the rich simply moved.

Remember also that Seattle imposed a much bigger minimum wage. That led to employees working fewer hours, and taking home less pay. The city council tried to cover that up, but the truth is out. Yet again, the socialists have hurt the very people they said they were helping.

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And please don't forget Seattle's special tax on guns and ammunition....that didn't work either. It didn't bring in anywhere near as much money as expected, and there was an explosion of gun violence.

It’s the law of un-intended consequences… you tell the world that you have a heart... you're helping the poor... the wicked rich should be squeezed until the pips squeak... hit 'em with a tax.

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Then, reality sets in... the poor are no better off. In fact, they lose ground. Youth unemployment goes through the roof. Businesses move and hire fewer people, and the rich move to Texas or Florida.

It’s a sad lesson. One which the socialists of Seattle don't want to learn.

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