Reply to DC Council votes to raise taxes on the “rich”

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[quote=Anonymous][quote]Honestly not surprising to see the poor logic of the “tax the rich” posters.

This isn’t the federal the OP posted about. It is the local rate in DC. If you make the rate too high, the highest earners will leave. Some to VA. Others to zero income tax states.

That Council member who opposed it said 0.7% of DC taxpayers earn &gt;$1M and contribute 23% of DCs taxes. Given the earnings at the highest end of professional services, we’re probably talking about something like 500 taxpayers making $4M or more… contributing by my back of envelope math, something like 18% of the city’s tax base.

You can celebrate soaking the rich, but some of them are just going to move. You can celebrate that, but you’ve just crushed the net tax of this city and the services you supposedly care about.

It’s about being competitive and as OP said attractive in what is now more than ever a comparison between various places to live. The pandemic has re-written the rules for where “knowledge workers” need to be.

Wise up.
[/quote]

Yep.  And at those income levels, it is very easy to buy a Florida home (where there are NO state income taxes), declare that as your primary residence, make sure you work from there enough days to satisfy the IRS, and you still maintain your residence in Kalorama, Spring Valley, Georgetown, etc., it is now just your &quot;second home&quot;.  Losing your  DC primary residence real estate tax exemption is worth it when balanced against what you are saving in individual income tax.[/quote]

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