“The Washington State House Finance Committee made revisions to a proposed income tax after a group of progressive lawmakers said the previous version gave away too much while not doing enough for working families.
“A tax break that would have benefited big businesses has been removed from the latest version of a bill to tax incomes more than $1 million is being advanced by Democratic leaders. A group of 13 progressive lawmakers in the House pushed for those provisions to be stripped.”
They’ll just take out loans against stock and live off of that money. It doesn’t count as income and is also not taxed as capital gains.
That’s a huge loophole that needs closing.
Yup, need to tax leveraged assets.