Yesterday 60 Minutes did an excerpt on the current mania of the right wing to cut taxes. In an excellent video on the issues, David Stockman, President Reagan’s Budget Director discusses how cutting taxes for many, especially the right wing , has become a religion and has become “rank demagogy” Stockman argues that wealth has increasing become concentrated in the hands of just a few.
The video spends a lot of time discussing Washington State’s I-1098 campaign to put in place an income tax on the top 2% of Washington taxpayers. Governor Gregoire notes that those opposed to it argue about the need to better fund education in our state and asks if not this then what?
The income tax under I-1098 is only on income above $200,000 for a single person and $400,000 for a couple. Less than 2% of Washington’s taxpayers fall in this category.
An income tax is the fairest tax of all. If you don’t make any money you don’t have to pay any income tax. But with property taxes and sales taxes you pay whether you have income or not, regardless of whether you have a job or not.
You can watch the video by clicking on the link below: