Millionaires Tax Introduced in Washington
Summary
Democratic leaders in Washington state have proposed a 9.9% tax on annual income over $1 million. The tax aims to raise money for education, health care, and tax cuts. It faces both political and legal challenges and could go to a public vote.Key Facts
- Washington state plans a new 9.9% tax on income over $1 million.
- The tax is expected to affect 0.5% of residents, about 30,000 taxpayers.
- The tax aims to raise $3.7 billion yearly for education, health care, and targeted tax cuts.
- Washington currently has no personal income tax.
- The proposal includes reducing sales taxes on hygiene products and benefits for families and small businesses.
- A public hearing is scheduled, and the bill faces legal and political hurdles.
- Similar taxes exist in California, Connecticut, Maine, New Jersey, New York, and Washington, D.C.
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