"This legislation is the first step into implementing a State Income Tax for everyone." Absolutely! The original federal income tax was a "tax the rich" scheme supposedly not for the average working man. Look at it now!

The struggle is real. It's just not the struggle of the younger generation.
They are in a rough position. Not knowing enough to be valuable, and such a bleak/unknown future..
I am not sure I would have went into Computer Science if I was in high school now.

Anyways, Dr. Chris Martenson (Peak Prosperity) has a book on the various Forms of Wealth. it's worth reading.

At this point, you've crossed the line from needing income to get what you want, to getting other ASSETS
that have value for you without being taxed to death.

Just require your boss pay you 1/4 your salary, using the face value of pre 1964 silver coins :-)

And, yes, I would figure out my next businesses based on assets I wanted to acquire.
We are lucky to be where we are. Yes, it was lots of hard work, and a minimum number of stupid decisions...

Interesting. What I've done the past few years is acquire some rental property to 1-have some write-offs, 2-generate income, and 3-hedge inflation. In my lifetime, real estate has been pretty steady, albeit with the occasional ass-kicking. As you point out...If you're working and making a good amount of money ("work income") you're really screwed. I'll be "having the talk" with my boss, explaining that I have to work less. I think this is crazy. The option is that I start a business to produce losses and writeoffs. But, in that case I could easily find that I'm working even more for less wealth. It's a weird circular zone, like a whirlpool. Honestly...This is unsustainable. Something's gotta improve here...

I agree with all that...

That's right! I know Washington as a state without income tax. The liberals ALWAYS want to put income tax into effect in states that don't have income tax. I've heard some REALLY STUPID arguments about that here in NV. My first engineering job out of college was in Washington - Boeing.

Washington State is proposing a tax on high earners. The state aims to implement a "Millionaire's Tax" that would impose a 9.9% tax on household income exceeding $1 million per year. This tax is expected to affect less than 0.5% of Washington residents and is projected to generate approximately $3 billion annually, with the revenue anticipated to start flowing into state coffers in 2029.

Legislative Process - Lawmakers have a 60-day session to draft the law, which has already gained support from Governor Ferguson. The tax is part of a broader strategy to address income inequality and stabilize state revenue.

Implementation Timeline - The tax is set to take effect on January 1, 2028, with the first returns and payments due in 2029
. This initiative marks a significant shift in Washington's tax policy, as the state has historically avoided broad-based income taxes.

We, The People, have told them, "No" many times in the past.  This legislation is the first step into implementing a State Income Tax for everyone. It's really unfortunate that many voters in this state just don't get it.

The best slave to own is the one that denies they are enslaved. End the FED. The GOAT DJT is building a parallel economy to replace them. That’s why they try to lawfare him in everything. The writing is on the wall. Gold will destroy the FED.
Unleashing our energy , tariffs to level the playing field , cut Govt embezelment. End needless regulation, bring back manufacturing. 50+ years of killing our economy by 1,000,000,000.cuts is over.

Your rate is ~30-35%. Capital gains is 25%. The barrier to getting to where you can just subsist off your investments is high!
Flat rate, and NO deductions would be minimally fair, and end this.

The power to tax is the power to destroy. Unfornutately this has been interpreted to mean the populace must excersise control over the taxing oligarchy to ensure a fair tax. The idea to prevent the federal government from taxing the people is that it prevents the destruction of the people. Giving an uncontrollable entity the power to do something ensures it will and you will never control it. Eliminate the Federal Reserve and the power to tax directly by the federal government or remain enslaved.

I've required assistance with my taxes about 4 times in 60 years. My biggest surprise was when I cashed out my investment accounts and discovered the 20% the IRS skimmed from the top wasn't enough to cover my total tax burden for that year.

Now that I'm retired, I've put my withholding under control, to ensure a minimal return, which leaves me with more to spend throughout the year. My only tax bill is my state income tax, and that's manageable.

I've rarely ever fretted over taxes. Maybe it's because I'm NOT wealthy.

This is about a reason~~ka-ching!~~why this is my least favorite time of the year despite having a birthday and relatives to take me to a restaurant to cheer me up for a day or two.
Now getting past a certain date in April does make me feel poorer yet like a happier dog freed of its leash.

You found what many have found...
You are NOT wealthy enough to hire the Accountants, Lawyers, and build the tax shelters you need.
Somewhere between $500K and $2 Million/yr... It's a no mans land... BY DESIGN.

Unless you can consistently make the high end of that range, you will find it almost impossible to break through it.
The taxes below that eat you alive, as you end up in the highest tax brackets. Also, it's far worse if it is WORK Income.
Passive income can be far better.

When you get to $2 million/yr consistently, you can afford the annual expenses of the team to help you rework your income.
In effect, you get to the point that you can afford to spend $500K on those guys, etc. In lieu of spending that $500K on taxes.

That's why the wall is where it is. If you only make $500K, you cannot possible afford to maintain the setup.
So, you get slaughtered. It's changed now, thanks to Trump. But back in the day, you hit a nominal tax rate of 50.5%
of every dollar you make (or 39% + 15% = 54% IF you do Corp + Dividends).

That 15% is the Long Term Capital Gains tax rate. I consider it my job to maximize that income.
This is also why people like musk want stock, stock options... In lieu of ANY salary.
Finally, it's also why they BORROW money against their assets to fund their lives (it's not taxed).
But once again, YOU can't do that until your assets >>>> your annual needs.
When your assets are 1,000 times your annual needs. You can borrow 10 years of money, against 10% of your wealth.
And get a near zero interest rate (over collateralized loan). In 10 years, you refinance it into another loan, on much larger assets.
Eventually, you will pay it off. But everything you sell is only taxed at 15%...

Yes... We PUNISH hard work with PUNATIVE taxation.
We make ESCAPE Velocity very expensive. Basically impossible for the "working class", and the solo-preneur

Thanks! I’m not so nimble anymore. Family man. I do know some American engineers who did what you suggest. They did very well. One worked for Sony in Spain. Now has a big house on the hill in the SF Bay Area. Thx. I’m proof that a reasonable flat federal income tax rate would probably lift up the quality of life for all Americans.

The short term answer to federal income taxes is finding a place to live outside
the US that doesn't tax you for what you earn outside that country.
Then you move there and stay out of the US for 11 months a year.
You can then get an income exclusion up to about $125k each year when computing US income taxes.
In addition, you can exclude (effectively deduct) living expenses overseas from your income (up to about $125k.)
This is not tax advice. Consult your tax advisor for exactly how this works.
The tax code is designed to steal from productive Americans like you, but its possible to escape if you are nimble.