I admit it, I’m fairly addicted to social media. I am fascinated (and frightened) by much of what I read. I realize some of what is posted is fake or simply intended to incite, but what most intrigues me are the comments.
Do people write nonsense for fun, do they not realize or care how dumb they make themselves appear to the world?
Here is a recent one ranting against the system.
50k/year is poverty in Washington state. You get taxed 30% of that but make too much by federal standards to qualify for anything. You’d be homeless or living with a bunch of roommates. None of our current politicians want to help you. They both want you to stay poor and compliant and reliant on them. One side wants you to be dependent on their social handouts and will take from you until you get there and the other side wants you to work for them as cheap exploited laborers.
I bet there are millions of Americans who would welcome living in poverty on $50,000 a year income.
The reality is this…
No personal income tax — Washington is one of the few U.S. states without a general state income tax on wages.
Capital gains tax — There is a tax on long-term capital gains above a certain threshold, typically 7 % on gains over about $250,000.
Retirement income (Social Security, pensions, 401(k)/IRA distributions) is not taxed by the state.
Property Tax
- Local property tax: Based on the assessed value of real estate. Average effective rates around 0.8 %–0.9 % of market value, varying by county.
- State cap: Washington’s constitution caps regular property tax at 1 % of assessed value (special levies may be additional). My property taxes are $14,000 per year. If I applied the Washington State maximum, they would be $8,000.
QUINNSCOMMENTARY 