Washington State Passes Millionaires' Tax—What To Know
Summary
Washington State's Senate has passed a bill to introduce a 9.9% tax on annual income exceeding $1 million, aimed at the state's wealthiest residents. This new "millionaires' tax" is expected to affect fewer than 1% of households and generate $3.7 billion annually for public services like education and health care. The bill has now moved to the House for further consideration.Key Facts
- The proposed tax targets annual income over $1 million.
- Fewer than 1% of Washington households will be affected by the tax.
- The tax aims to generate $3.7 billion a year starting in 2028.
- The revenue will be used for education, early learning, child care, and health care.
- The bill includes tax relief measures for small businesses and sales tax exemptions on grooming products.
- The Senate passed the bill with a 27-22 vote.
- Republicans oppose the bill, warning it could lead to a broader income tax.
- The bill is now awaiting consideration in the Washington House.
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