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from elseLJ...
Regarding Washington state's lack of income tax, it does seem wonderfully subversive that money I put in savings or investments does not get taxed by the state.* It feeds my subversive soul that buying a cheaper house results in a lesser property tax, or that buying a cheaper TV/car/jacket (or not buying a new widget in the first place!) reduces the sales tax I pay.
But it means that state tax revenue swings wildly with the economy. And it's less progressive than an income tax.
*Where state=Washington state not "the state" or government in general. Money I put into my 401(k) gets taxed less by the feds *and* not at all by the state. Whee :)
But it means that state tax revenue swings wildly with the economy. And it's less progressive than an income tax.
*Where state=Washington state not "the state" or government in general. Money I put into my 401(k) gets taxed less by the feds *and* not at all by the state. Whee :)