Billionaire Threatens Violence after Seattle's Wealth Tax Passes

The passing of a relatively minor tax on higher earners by Seattle City Council has caused concern among the 1% and has been taken up by their media as I explain in the video.

I try to keep this things pretty short but as I say in the video the concern is driven by the fact that this is a shot across the bow electorally for the capitalist class, it is tax directed at them or a "wealth" tax as it has been described.

While the tax will undoubtedly include high earners who are not capitalists in the sense that they are not business owners or huge investors or landlords and don't get their means of subsistence from the profit of capital, it also hits the much wealthier as well. If you're an individual earning $5 million a year the tax is $125,000. Of course, the richer they are the more likely they will find some way to dodge it.

The worrying issue for them is it is directed at a class of people and that undermines their propaganda there is not really a working class at all. It's class warfare directed at them from their point of view.

Then the billionaire claims they will move jobs out from the state and there will be other threats toward people for exercising their democratic right to vote. This threat raises the question of democracy in wider society like the economy and how by exercising these rights one is threatened with unemployment.  It's seen for the blackmail that it is and what flows, what will inevitably be raised and discussed, is the idea that they should be prevented from taking those jobs and from that the idea of independent political action, a party of the working class will inevitably land on the table.

It's not a major deal in and of itself but for the 1% it's the implications; it is an attack on capital and they are concerned about opening up a can of worms.