It's On: Seattle VCs vs Bill Gates Sr.
No, this isn't about some sort of charity boxing match. It's about whether or not Washington State will begin charging income taxes on high-net-worth individuals. For the uninitiated, Washington is one of just seven states without an income tax. It also is one of 50 states in the midst of fiscal hardship. So Bill Sr. has spearheaded Initiative 1098, which would charge income taxes on those with annual income in excess of $200k. It also would cut state property taxes by 20% and eliminate the Business & Occupation tax for an estimated 375,000 small businesses. Venture capitalists, however, have launched a "No on 1098" campaign, arguing that the introduction of an income tax would harm the state's entrepreneurial ecosystem (maybe it even would help revive Portland, Oregon's moribund VC market). And, because they are VCs, they even have a Twitter account.
