US EditionLetter: How to Pay for a Better Washington?
The tax targets about 21,000 filers and aims to raise $3.4 billion annually for public defense, tax credits, and small-business breaks, supporters say.
- On Monday, the Washington State Senate advanced a bill to impose a 9.9% tax on income over $1 million, sending it to the House of Representatives.
- Supporters say the proposal aims to remake the tax code to generate budget dollars, with collections starting in 2029 and nearly $2.5 billion earmarked for the next budget, the State Revenue Forecast Council projects an additional $827 million through June 30, 2027.
- Applying to household income, the plan counts combined earnings of married couples and registered domestic partners, excludes home value and retirement savings, and taxes amounts above $1 million.
- After the Senate vote, lawmakers brace for ballot and court challenges as the bill now goes to the House, with three Democrats opposing it and supporters working on details.
- Longer term, projections show the tax could raise $3.4 billion annually from about 21,000 filers, despite 98% opposition from NFIB members, who warn pass-through businesses could suffer.
20 Articles
20 Articles
Olympia lawmakers hear demands: ‘Tax the rich! Fund education, healthcare!’
OLYMPIA, Wash.—Early February was a perfect time to join thousands of voters here celebrating the Chimacum Cowboys marching band on their way to the 250th birthday of the United States in Washington D.C. July 4, to cheer the Superbowl victory of the Seattle Seahawks, and to demand enactment by the state legislature of the “Millionaire Tax” to make rich tax-evaders pay their share. April Sims, President of the Washington State Labor Council, led …
Letter: How to pay for a better Washington?
Mr. Leonetti’s letter (“Tax proposal is dumb idea,” Our Readers’ Views, Feb. 11) complaining about the proposed millionaires tax in Washington expressed a fear that this new tax, if it comes about, will drive wealth out of Washington. Maybe, maybe not. Read more...
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