Discover and read the best of Twitter Threads about #definedbenefitspensions
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Washington State enacted a 7% capital gains tax levied on annual profits in excess of $250,000, and made a *fortune*, $600m more than projected in the first year, despite a 25% drop in the stock market and blistering #InterestRate hikes:
theurbanist.org/2023/06/01/les…
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theurbanist.org/2023/06/01/les…
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If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/06/03/whe…
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pluralistic.net/2023/06/03/whe…
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Capital gains taxes are levied on "passive income" - money you get for owning stuff. The capital gains rate is *much* lower than the income tax rate - the rate you pay for *doing stuff*.
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