On Friday, Washington State Wire ran a story on the volatility of the income tax on high earners that is proposed in Initiative 1098.  No matter what you think of the merits of an income tax per se, this particular proposal is untenable — especially given Washington’s current budget situation.  Erik Smith writes,

High earner taxes are particularly volatile. Generally speaking, the more a state relied on an income tax, the more trouble it had when Wall Street tanked a year and a half ago and personal income plunged. Recession hit especially hard in states that had enacted high income rates for the wealthy, among them California, New York and New Jersey.

Read the rest of the article for examples of what Washington residents can look forward to if voters approve I-1098.