Fox Business’ Kennedy had some hard truth to share with the people of Seattle in a recent episode of her eponymous show Kennedy.
She attacked the city leaders, and the leftists who keep voting for them, for passing a minimum wage law that has actually lowered the average take home pay of the city’s working poor, a “gun tax” that is a thinly veiled attempt at gun control by taxation. Finally, she hammered them for their attempts to pass an unconstitutional income tax on the very people that make Seattle the wonderful city it is… the innovators, the entrepreneurs, and the upper-middle class.
Under a proposal being considered by the Seattle City Council, only the top earning residents would be subject to the income tax – those individuals with incomes in excess of $250,000 and those filing jointly with incomes in excess of $500,000 would pay a 2.25% tax.
The tax is largely expected to pass; the council’s finance committee gave the proposal the green light last week, even raising the rate from 2% to 2.25%, according to The Seattle Times.
The Cato Institute’s Chris Edward’s explains why this income tax idea is just terrible. “You tax entrepreneurs more, you will get less entrepreneurs and less economic growth. They will start gravitating to more business-friendly places such as Austin, Texas… high earners are [also] the most responsive to tax changes … Both the government and economy will end up losing from tax hikes as the tax base and the economy shrink,” Edwards told Fox News. He’s exactly right, and Kennedy is too.
Here’s Kennedy’s terrific monologue and her assault on the socialist leeches who have taken control of Seattle.
“Seattle used to be one of the most beautiful and livable cities in the world, but it has devolved into a Socialist hellhole, besieged by violence and economic immobility. The do-gooder authoritarians on Seattle City Council want the once robust Emerald City to swirl down the collective commode by enacting punishing minimum wage laws, a gun tax, and now a new tax on the wealthy that may not even be legal.”