D.C. Floating Taxes on High-Income Earners, Snacks
July 21, 2009
Some members of the District of Columbia are floating tax ideas:
“We should be looking at all manner of strategies,” said Ward 1 Councilman Jim Graham.
Graham has proposed a new 8.9 percent tax bracket on D.C. residents earning more than $500,000 a year.
Ward 6 Councilman Tommy Wells, meanwhile, suggested a three-cent gas tax increase to bring the city’s levy in line with that of Maryland.
Wells also asked City Administrator Neil Albert, speaking for the administration, about a tax on snack foods.
“I didn’t look at that as a revenue enhancer,” Albert said.
At-large Councilman David Catania warned against tax increases given that Virginia’s tax rates already are significant lower than the District’s. “If we don’t keep our eye on the ball, if we don’t stay competitive, what you will hear are millions of square feet of commercial Class A office space going and creating new Ballstons, new Clarendons, new Courthouses, new Arlingtons,” Catania said.
I wonder how many high-income individuals will move into the District with a new high tax bracket on them.