A few days ago I saw a commentary in a Seattle newspaper that is a perfect example of how the punitive tax on achievers will bite all of us.
George Bartell, the CEO of the family-owned Bartell drug chain, explained what it will mean to his business. Bartell’s takes its profits on a regular 1040 form. The top rate is now 35 percent. Bill Gates Sr. will raise that 9 percent to 44 percent total state and federal. Obama wants to raise it 4.5 percent to 48.5 percent. When Obamacare kicks in, it goes up another 4 percent to 52.5 percent.
The Bartell’s chain has 59 stores and employs 1,700 people. Take 52.5 percent of their profit and how many new stores will they open and how many workers will they hire? What will it mean to future salaries and benefits for their employees?
Don’t be fooled into voting to “Tax the rich.” The Legislature can change an initiative after two years. They have shown time and time again they will do just that. In a very short time “The Rich” will be most people who have an income to tax. We will all be paying the state income tax. It is easier than keeping spending to an amount within our means.