The Seattle suburb where Jeff Bezos and Bill Gates both live is running out of money

[turbinetree]

Published Tue, Jun 25 2019 12:21 PM EDT Updated 5 hours ago
Catherine Clifford

Jeff Bezos and Bill Gates are the richest people in the world, worth $119 billion and $107 billion respectively, according to Bloomberg.

Amazon is headquartered in Seattle and Microsoft is just outside the city, and both billionaires have homes in the nearby small town of Medina, Washington.

With a population of just over 3,000, Medina is the seventh richest zip code in the U.S. with a median home value of $2.77 million, and the town has a median household income of $186,464 in 2017, the most recent data available. (By comparison, the 2017 median household income in the U.S. was $60,336.)

Yet Medina is running out of money — and the irony is lost on no one.

https://www.cnbc.com/2019/06/25/medina-wash-home-to-jeff-bezos-and-bill-gates-running-out-of-money.html

[happyaccident]

1. I'm surprised they don't just buy the town

Hire a bunch of underpaid interns to run it

[empedocles]

2. Residents could agree to larger taxes. Easier than modifying state law

Odd article

[Celerity]

3. the residents need to vote for higher taxes

by law, the local government cannot increase the amount of tax revenue it collects by more than 1% each year without the residents voting to approve a larger amount

Absolute bastards if they do not.

[maxsolomon]

4. they'll just have to work smarter not harder

and tighten their belts. the only commercial businesses in town are a nursery and a Chevron station.

this is what happens when selfish old rich fucks sit on the city council to prevent tax increases.

this is the entire "town":

[genxlib]

5. That is just an idiotic law

No entity could survive indefinitely on 1% increases when inflation is regularly triple that or more.

[onethatcares]

6. I know, i know, call on me

do what pRickSnott did in Florida and charge everyone more than they can afford to get into the park area.

User fees, better than taxes everytime..........

I hope the sarcasm thingy isn't needed here........

[Yo_Mama_Been_Loggin]

7. That particular law was passed via statewide initiative

"In 2001, a rule limiting the increase in revenue brought in from property taxes to 1% per year was voted in. The state’s supreme court overturned the law and then it was brought back again in 2007."

After the Supreme Court overturned the law an emergency legislative session was called which brought back the law. The governor was Democrat Christine Gregoire and I believe both legislative branches were controlled by the Democrats.

It was something that really pissed me off at the time.

[TeamPooka]

8. If they aren't willing to pay another $400-$600 a year in taxes in the upcoming vote

then fuck em, they get what they deserve and want.
No bailouts.