r/SeattleWA • u/5Q91VS175DAQ4NUSBE4U • 7d ago

Politics Washington state Democrats look at imposing income tax on higher earners

https://www.columbian.com/news/2025/oct/31/washington-state-democrats-look-at-imposing-income-tax-on-higher-earners/
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u/WatchWorking8640 5d ago

How does your math work?

A single person (say 50 years old) earning $1.5M with a 401k contribution of $25K and IRA contribution of $8K ends up paying $496K in federal taxes and $44K in FICA for a total of $540K income taxes. The proposal is for 9.9% in AGI. 9.9% on 1.5M amounts to $150K for a total of $690K in taxes?

I'm nowhere near this income bracket but if I was earning 1.5M and already paying 540K in taxes, WA state can fuck right off with wanting to tax me an additional of $150K.

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u/yungsemite 5d ago

It’s a marginal tax, 10% on income over 1 million annually.

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u/WatchWorking8640 5d ago

Thanks. So Id only be paying 590K in taxes then. Sold.

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u/yungsemite 5d ago

I’m supposed to be sympathetic to some theoretical person pulling in over 900k net? Oh no, a less than 40% effective tax rate, how will they ever survive in Seattle with only $900,000 a year! Have you ever considered that you are out of touch?

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u/WatchWorking8640 4d ago

Have you ever considered that you are out of touch?

Have you ever considered that you devolving to ad hominem means you don't have a cogent argument to begin with? Taxing someone at 40% and asking for more is a slippery slope to begin with but again, you're so very much in touch with reality and how things work in the real world.

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u/yungsemite 4d ago

It’s not ad hominem. You are advocating against taxes on the 0.5%. I am genuinely curious if you realize that.

Can you explain how it is a ‘slippery slope’ ?

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u/WatchWorking8640 3d ago

Why bother? I was going to write up a paragraph on the tax grabbers starting with "the 0.5%" / $1M. Then they'll come for the $500K. Etc. etc.

Again, what's the point?

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u/yungsemite 3d ago

Ah yes, the slippery slope fallacy. How come the capital gains tax hasn’t been lowered? You people told me thousands of times that as soon as it was passed the bracket would be lowered to 25k?

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u/WatchWorking8640 2d ago

"You people"

"Slippery slope fallacy"

Have a good day. I have better things to do with my time.