Washington Democratic senators are considering a 9.9% income tax on millionaires that they believe would help shore up the multi-billion-dollar budget shortfall expected in 2026. The new tax would apply to individuals with an adjusted gross income of more than $1 million, which would affect roughly 20,000 households in WA and raise $3 billion annually.
Spike O’Neill, co-host of “The Jake and Spike Show” on KIRO Newsradio, believed that larger corporations are morally responsible to give back to the society that has contributed to their incomes.
“I understand that there are businesses that aren’t all Jeff Bezos, Microsoft, they’re not all huge pigs at the trough,” Spike said. “I know they pay massive amounts of taxes, but they also pay a lower share than they have in our history. Of their income, they’re making massive amounts of money, and paying less than any corporation or big business in the history of our country today.
“When I say they’re morally bankrupt, I think when you’re making grotesque amounts of money, there’s a responsibility to the society that you work with what works for you, and your employees,” Spike continued. “The customer base is the way they live, shop, breathe, sleep, and die in this town. I think there’s a responsibility to give back to a point through your taxation, to make sure that this society, which has allowed you this opportunity and hard work.”
Spike noted that the tax increase would be massive for smaller companies and firmly believed that many of them would be put out of business because of the decision.
“You can’t just flee to another state, take your ball, and go somewhere else. They can do it, but I think there’s a little bit of a moral bankruptcy in those people who threatened to leave,” Spike said. “I speak of those big companies, I think they should pay money, and could pay more. To the smaller companies, you’re going to be putting companies out of business.”
Watch the full discussion in the video above.
Listen to “The Jake and Spike Show” weekdays from noon to 3 p.m. on KIRO Newsradio 97.3 FM. Subscribe to the podcast here.
