The Citizens Against Government Waste President Tom Schatz has made note that the city’s wealth tax is detrimental to the economy. These tax increases are likely to cause revenue to decline while the “wealthy.” The government has been raising taxes upwards a higher amount of the population. Which tends to be the polar opposite of the city council’s goals. Isn’t that difficult to figure out for wealth tax?
Beyond the coronavirus pandemic, there are fiscal shortfalls happening in cities and states where DC stopped the fiscal year on September 30th, 2020. Beyond an amount of $526 million. Which is a little more than what the surplus was back in 2019. Which was $500 million.
There’s no reason for the DC city council to stop from voting on “wealth tax.”
There are individuals that are not able to really fathom that the 1 percent or even the 5 percent, yet not quite the top 15.1 percent, let alone across 49,615 households.
Mayor Muriel Bowser, herself has said “With a once-in-a-lifetime infusion of federal funding, we believe now more than ever that the government should live within its means and not burden residents or employer.”
Councilmember Brooke Pinto votes against the wealth tax. She quotes that “passing an ad hoc tax is the right way to create tax policy.” On the other side of the conversation is that we have to acknowledge the direct link between education, particularly early childhood education, and crime.” This is the argument made by Robert White. This wealth tax might be something where it affects “198 homicides in 2020, up from 166 homicides in 2019 — a 19% jump. That makes 2020 the deadliest year for D.C. since 2004, which had 248 homicides, and slightly above 2005, which had 196 homicides.” Who knows how the Tax Foundation will show the tax revenue growth in DC.