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‘Millionaires Tax’ Puts WA Farmers in a Predicament
The tax would affect about 20,000 households, and farm groups say equipment sales could create one-year income spikes that trigger it.
- Washington farmers are warning that the 9.9% 'Millionaire's Tax,' set for January 1, 2028, threatens to penalize essential equipment liquidations, according to the Washington Farm Bureau.
- High machinery costs often force farms to gross over $1 million annually despite minimal net profits; Leanne Krainick of Krainick Dairy in Enumclaw notes tractors cost between $300,000 and $400,000, making thresholds easy to exceed.
- WFD Director of Governmental Affairs Bre Elsey warns the current tax code lacks deductions for equipment sales, arguing the Legislature implemented the policy rapidly without opportunities to amend the language.
- Currently, an average of two Washington state farms close every day due to financial pressures; Elsey describes this as a 'terrifying trend,' warning the new tax code exacerbates farm viability challenges.
- Revenue from the measure is intended to fund free meals for K-12 schools, and the Washington State Budget and Policy Center reports the tax targets less than 1% of wealthiest households, estimated at 20,000 total.
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