I-1098 will help balance tax burden
September 27, 2010 · 11:20 AM
Opponents of I-1098 decry socialism and redistribution of wealth. Well, it's true, there's been way too much redistribution of wealth in America: upwards to the super-rich!
Despite mounting debt, tax rates - especially for the rich - are lower than they've been in decades.
In 1976 the wealthiest 1 percent of Americans had about 20 percent of the national wealth. Now they have about 35 percent. The wealthiest 10 percent of Americans have about 73 percent of all wealth. So it's no surprise that they pay most of the income tax.
The Institute on Taxation & Economic Policy has called Washington State's tax system the most regressive in the nation, as it relies mostly on the sales tax. The poorest 20 percent of Washingtonians pays 17.3 percent of their income in state taxes while the top 1 percent pays 2.9 percent.
I-1098 will lower property taxes for the middle class and will lower the B&O tax for most businesses. I-1098 will raise taxes on the top 1.2 percent of Washingtonians.
So vote against I-1098 if you love socialism for the super-rich and love it when government slashes education, police, disaster relief, regulations, and other essential services - something the conservatives have been dreaming about for years.
Donald A. Smith, Bellevue
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