Does a family making 250K-300K in Seattle really count as "rich"? I don't object to the tax in general, but I do object to the terminology. It is certainly a high level of income, but rich?.
This is targeting the top 20% of earners in Seattle. Time will tell if this is a sound policy. I think they could have achieved a similar level of tax by having a higher level of tax aimed at a much higher level of income (1 million plus). A family earning 200-250K in Seattle will definitely feel this tax. You still operate at a high level of privilege at that income level, but it isn't crazy. For comparison, according to cost of living indexes, if you earn 250K in Seattle you would need to make ~385K in SF, or only 140K in Atlanta. In Atlanta 140K is comfortable, but not "rich". I really think these sort of taxes should target the top 5% of earners only -- everyone below that actually feels it and is not "rich", especially in higher cost of living areas like Seattle.
http://blogs.seattletimes.com/fyi-guy/2014/10/06/as-seattle-...
This is targeting the top 20% of earners in Seattle. Time will tell if this is a sound policy. I think they could have achieved a similar level of tax by having a higher level of tax aimed at a much higher level of income (1 million plus). A family earning 200-250K in Seattle will definitely feel this tax. You still operate at a high level of privilege at that income level, but it isn't crazy. For comparison, according to cost of living indexes, if you earn 250K in Seattle you would need to make ~385K in SF, or only 140K in Atlanta. In Atlanta 140K is comfortable, but not "rich". I really think these sort of taxes should target the top 5% of earners only -- everyone below that actually feels it and is not "rich", especially in higher cost of living areas like Seattle.