I am a resident of the State of Washington. There is ample proof from past performances that our state government will not be able to hold the income tax on the levels of income it proposes. Every tax increases by its very existence. Our gas tax is one of the highest in the nation. I pay B.O. tax for just being in business. My property tax has not gone down even though I have lost almost 30% of my house value. The excise tax in our state has climbed steadly even during the upswing years of our economy. It hovers around 10%. Our rapid transit was to connect North Seattle with the airport but now we are told that really this won't happen. Much of the money earmarked for that project went to the union member drivers of the transit who are amongst the highest paid in the nation. Lesson taught: money goes wherever special interest and voting blocks exist. Lesson learned: no more tax money.
Your description of past performance leaves out the effect of changes in the Federal tax. Up until 30 years ago, the federal government taxed the high earners quite steeply and they funded their mandates and provided many assistance programs to state and local governments. The federal tax protection given to municipal bonds made them very attractive to those who could circumvent 70 to 90% federal income tax by investing in them even at way less than market interest rates; a big savings for municipal budgets.
Surely you know that the valuation (as appraised) only determins your portion of the munincipal budget. If the budgeted amount increases, everyone's tax must increase.
The tax increases at the state and municipal taxes that you describe are the trickle down effect of Reaganomics in which huge tax cuts to the wealthiest Americans were supposed to provide trickle down wealth to us mortals.
Incidentally, that progressive income tax provided a disincentive to greed in many forms including that of those union rapid transit drivers of which you speak. It gave the country a greater portion of each of their raises.
Mitch McConnell and his boys haven't recognized or admitted it yet but Reganomics or "flat tax" ideology is at the root of the problem you describe.
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Surely you know that the valuation (as appraised) only determins your portion of the munincipal budget. If the budgeted amount increases, everyone's tax must increase.
The tax increases at the state and municipal taxes that you describe are the trickle down effect of Reaganomics in which huge tax cuts to the wealthiest Americans were supposed to provide trickle down wealth to us mortals.
Incidentally, that progressive income tax provided a disincentive to greed in many forms including that of those union rapid transit drivers of which you speak. It gave the country a greater portion of each of their raises.
Mitch McConnell and his boys haven't recognized or admitted it yet but Reganomics or "flat tax" ideology is at the root of the problem you describe.