Washington Senate approves 9.9% tax on income above $1M to fund public services
TL;DR
The Washington state Senate cleared a 9.9% tax on annual income over $1 million starting in 2028 by a 27-21 vote, with supporters saying it would raise about $4 billion annually and affect roughly 30,000 households to fund schools, roads, health care and higher education. As debate focused on inflation and potential future expansion of an income tax, Republicans warned of erosion of tax control and constitutional concerns. The bill advances to Gov. Ferguson for likely signature.
- Washington Senate approves millionaires tax proposal with 27-21 concurrence vote KOMO
- A State of Wealthy Entrepreneurs Passes a ‘Millionaires’ Tax’ The New York Times
- WA income tax clears House after 24-hour debate The Seattle Times
- House approves 'millionaires tax,' bill heads to Senate for confirmation king5.com
- Washington’s 9.9% Millionaire Tax Raises Fears Of Wealthy Exodus Forbes
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