Local residents are getting their first taste of property-tax hikes courtesy of Olympia this month and, in many cases, it’s shocking. According to The Seattle Times, a spokesman for the county assessor noted the 2018 boost is “the largest property-tax increase in King County in modern history.” In at least one community — Carnation — homeowners of a median-assessed-value property might see an astonishing 30 percent increase.
While middle-class Washingtonians are paying more taxes than ever, some politicians are laying the blame on the state’s “regressive” tax system. But, as is often the case, proponents of higher taxes cloak a more complete picture of state taxes and spending prioritization with emotional arguments about “inequality and fairness.” Recently, King County Executive Dow Constantine and King County Assessor John Wilson joined the debate, pressing the case in a Seattle Times Op-Ed for tax reform, even calling a proposal for a new capital-gains tax as one of “several innovative ideas.”Read More ›
If there is one thing about which most economists understand and agree it’s the law of supply and demand. A derivative of that law is that demand and velocity of transactions tend to diminish as costs increase. While few individuals disagree about this, many in the collective body of economists have become so politicized that when it comes to the cost of variables such as taxes and regulations, that consensus all but vanishes.
Steve Forbes (President & CEO, Forbes Inc.) talks about the economy and what can be done to get it back on track. If debasing a currency was the way to wealth, Zimbabwe and Argentina would own the world. Read More ›
The president’s tax reform panel’s report is due at the end of this month, but don’t hold your breath if you were looking for the reform that is really needed. Preliminary signs are the panel will recommend relatively modest (but several desirable) changes to the federal tax system. For decades the present income tax system, with its tens of thousands Read More ›
NEARLY ALL 50 states are experiencing budget crises, with California in the worst shape, facing a $38.2 billion deficit. Even Arizona has a $1.3 billion shortfall. Washington state has had to close schools. Connecticut is cutting 2,800 public employees. In this context, New York state’s $11.5 billion deficit on a $92 billion budget is only slightly above average, while New Read More ›
As the military battle for Iraq comes to an end, a new battle is beginning – how to rebuild Iraq. On one side are those who believe that, by establishing the proper institutions and rules, the Iraqis will be able to rather quickly rebuild their own economy without placing a burden on U.S. taxpayers. The other side, primarily led by Read More ›