Fisher Investments’ Texas move is a warning to progressive courts | Opinion
In Washington state, where Fisher had been headquartered, the state Supreme Court decided that the plain language of the law didn’t matter. The progressive justices determined, in a 7-2 ruling, to simply reimagine the longstanding definition of property under state law.Washington’s constitution has prohibited a graduated income tax since 1933.
Now it is the law of the land. And people who invest in companies that create jobs or securities that fund businesses that create jobs can now expect to have a huge chunk of their gains taken in state tax. It isn’t that taxation and regulation are intolerable. They are necessary to the function of a fair society. Businesses everywhere accept that as part of doing their work. But when a business cannot trust the rules of the game, you can expect it to find another place to do its work.
That’s dangerous because it suggests that even longstanding, constitutionally enshrined laws are not immune to the redistributive impulses of activist courts. The people of Washington will suffer as capital flows out of the state into places where it is more secure.
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