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I spent most of my life in Washington, and my plan has always been to move back and start a family there
My biggest fear is it turns into the next California
Companies & entrepreneurs leave, taxes go up, more people leave, rinse and repeat
This is already starting (Amazon is moving its headquarters, Starbucks CEO relocating to Florida)
Now the first ever income tax passes for households making over $1M/year
Making $1M/year is certainly not nothing
But in 5-10 years with currency debasement + probability of income tax being added to more tax brackets
I'm randomly rethinking my life plans 😂
Mar 11, 13:04
🚨BREAKING: Washington State passes their first ever income tax. Incomes over $1M/year will be taxed at 9.9%. Married couples share A SINGLE $1M exemption, so if combined incomes are more than $1M, you're getting taxed. This will obviously eventually extend beyond millionaires. What comes for others, will eventually come for you! RIP Washington state!
Assuming 8% inflation
$1m/year turns into $650k in 5 years
$430k in 10 years
We're cooked
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