Re: “In Seattle, it’s the millionaires next door — 54,200 of them” [June 5, Local News]:
Danny Westneat’s column on the millionaires next door missed conclusions about how we can use Seattle’s wealth to improve the common good.
Many of us have accumulated resources beyond our needs — through hard work, inheritances, stock options, etc. And inequality will only get worse as the wealth transfer from older generations to their kids intensifies. I would count myself among this group, having inherited money when my mom passed away a few years ago. I have more than I need, and I would rather live in a society that invests in our community than be able to buy more stuff.
As Westneat has pointed out before, for decades Washington state was the worst in the country at taxing low-income people much more than high earners. But that changed thanks to a new capital gains tax and Seattle’s tax on high earners. And these tools fund things most of us care deeply about — public education and affordable housing. It seems that public policy does make a difference.
Rather than throw up our hands in the face of inequality, let’s continue to tax wealth — starting by voting no on Initiative 2109, which would eliminate the capital gains tax.
Melanie Mayock, Seattle