Babies for 1098

Initiative 1098 is all the buzz right now.  We’ve just discovered the most compelling case for 1098 yet – a baby:

Do it for the children

Luchador? Robin Hood? Definitely a Hero.

 

 

They don't just give those belts away

 

When the general election ballots make it to your door, you will find the usual alphabet soup (do they make numeric soup?) of ballot measures. It can definitely get confusing, and those little blurbs on the actual ballot are usually just enough to remind you that you don’t know what the heck it’s all about. Ten ninety who? R fifty cent? Never fear, the Bus has got wheels so we’ve got a head start towards the whole initiative circus, and its looking much clearer now. We’ve already given a nod, a nudge and a wink to Referendum 52, one of this year’s ballot heroes. Now meet its best friend, the awe-inspiring Initiative 1098, who is here to save Washington’s future in a big big way.

I-1098 will set up a trust fund for education (BOOM), health care (BAM), and middle class tax relief (KAPOW), a true investment in the future of Washington. And the investment is substantial – over $2 billion is expected to be accrued to the fund every year. Our state education system would be seeing an extra billion dollars every year, health care would benefit from roughly a half-billion, and the remaining would allow for tax relief for property owners and nearly 90% of businesses. These aren’t numbers I pulled out of a hat (that was indeed a rabbit); local experts such as the Economic Opportunity Institute, Sightline Institute, Our American Generation, and the Washington State Budget and Policy Center have all done their homework. Follow each link to see what those folks have got to say about 1098; the Economic Opportunity Institute in particular is on their shizznat. You can also check out the measure with your own spectacles here.

The “Education, Health Care, and Middle Class Tax Relief Fund” will get its cash flow from a modest-income tax on the wealthiest 1.2% of Washingtonians. Individuals will still have zilch income tax until they make at least $200,000/year, or $400,000 for couples filing jointly. The income tax will be a marginal tax rate set at 5%, which means only income above and beyond that mark is taxed (so if you make $200,001 in a year, your annual income tax will add up to a whopping one nickel). The marginal rate increases to 9% for incomes above $500,000/year, or $1 million for couples. Predictably, this concept of creating a new tax has sparked quite a bit of debate around the fairness of this measure (someone should hide those barrels of tea at the port). However, the idea that 1098 will hurt entrepreneurship or punish rich people is way-dumbed-down way of looking at it. 1098 is about fixing an unfair tax system, not piling on the taxes. Not to mention Washington State is currently ranked dead last in tax fairness in the whole country.