1098 Naysayers: Put Your Money Where Your Mouth Is
October 25th, 2010
The Sky-Is-Falling Crowd says that 1098’s income tax will be immediately extended to lower earners.
If you’re so sure, here’s a chance to make a buck on your certainty. Fifty bucks, actually.
Here’s the bet:
If, as of April 15, 2014, Washington-state taxpayers with incomes below $200,000 (individual filers) or $400,000 (joint filers) are paying Washington state income tax on their income, I will pay you $50.
If they are not, you will pay me $50.
I will take up to ten of these bets with ten different individuals.
Personally, I favor taxing all income levels to some extent if you’re going to tax one. People should never forget that services are not free.
Yeah, that’s a fascinating post. I don’t know the particulars of Washington state’s budget to know the odds on that. Still, there will be many states facing budget probs (and municipalities) and 2014 is a long way away. My guess is your wager is based mostly on Washington state citizens’ intolerance for taxes. Folks who head out to Wyoming, Montana, Nevada, Washington are usually those who are quite anti-tax. Although I’m sure you could argue Washington state is much more liberal than Wyoming. I would say 60% Steve is right, but I’m coming from a position of extreme ignorance on the state of Washington.
A great bet. So good I am offering the same one. Take it from me instead, as I will pay 1.5 to 1. http://stevebroback.com/2010/how-to-win-big-money-on-the-1098-washington-state-income-taxnot/
@Chris “People should never forget that services are not free.”
A $20K earner in Washington pays $3,400 in taxes. That should remind them.
@Asymptosis
It’s that high? Is that all in sales tax?
http://www.itepnet.org/wp2009/wa_whopays_factsheet.pdf
Well, that eliminates any reservations I had about 1098. I knew the sales tax was regressive, I didn’t know it was that regressive.
Yeah, pretty eye-popping.