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 taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. bracket on D.C. residents earning more than $500,000 a year.
Ward 6 Councilman Tommy Wells, meanwhile, suggested a three-cent gas taxA gas tax is commonly used to describe the variety of taxes levied on gasoline at both the federal and state levels, to provide funds for highway repair and maintenance, as well as for other government infrastructure projects. These taxes are levied in a few ways, including per-gallon excise taxes, excise taxes imposed on wholesalers, and general sales taxes that apply to the purchase of gasoline. 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 bracketA tax bracket is the range of incomes taxed at given rates, which typically differ depending on filing status. In a progressive individual or corporate income tax system, rates rise as income increases. There are seven federal individual income tax brackets; the federal corporate income tax system is flat. on them.
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