Bezos would owe $2bn a year in state taxes if Washington passes wealth tax

Jeff Bezos would owe about $2 billion a year in state income taxes under Washington’s proposed wealth tax, according to legislators. As part of an effort to reduce inequality and offset the state’s lack of an income tax, Washington state legislators are proposing a 1% levy on wealth over $1 billion. Lawmakers say the tax would raise about $2.5 billion a year in revenue and would only apply to so-called non-tangible financial assets, or financial investments like stocks or options. Yet tax experts say the state’s wealth tax would be overreliant on four megabillionaires who call Washington state home: Bezos, Bill … (full story)

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