Summary
Washington Governor Bob Ferguson supports a new tax plan that would impose a 9.9% income tax on people earning over $1 million annually. The plan aims to use part of the money collected to help low-income residents, either by expanding tax credits or reducing sales taxes. Washington is currently one of nine U.S. states that does not have a personal income tax.
Key Facts
- Governor Bob Ferguson of Washington endorses a tax on millionaires.
- The proposed tax rate is 9.9% on annual incomes over $1 million.
- A portion of the tax revenue will aim to provide financial relief for low-income residents.
- Options for relief include expanding the working families tax credit and reducing sales taxes.
- Washington is one of nine states without a personal income tax.
- The proposal is backed by legislative Democrats and is currently under consideration.
