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Income Tax

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Seahawks could lose free-agent edge as Washington plans millionaire income tax
sports28 days ago

Seahawks could lose free-agent edge as Washington plans millionaire income tax

Washington’s plan to tax incomes over $1 million at 9.9% starting in 2028 could erode Seattle’s long-standing free-agent advantage, but the Seahawks’ cap savvy and culture-first approach may keep things steady. The team could accelerate extensions for rookies like Jaxon Smith-Njigba and Devon Witherspoon to lock in core talent before tax implications bite, though most players already face taxes elsewhere and Seattle isn’t prone to chasing top-dollar free agents.

via 12th Man Rising|
#free-agency#income-tax#john-schneider
state-politics29 days ago

Washington OKs 9.9% tax on millionaires to fund schools and services

Democrat-led Washington state Senate approved a 9.9% income tax on residents earning over $1 million to fund education, prisons, universal school lunches and other programs, with Gov. Ferguson expected to sign. Supporters cite budget pressures and public sentiment, while critics warn about potential business impact and legal challenges, including a ballot repeal effort and constitutional questions around how income is treated.

via Politico|
#ballot-initiative#education-funding#income-tax
Washington moves toward 9.9% tax on high earners as governor poised to sign
politics29 days ago

Washington moves toward 9.9% tax on high earners as governor poised to sign

Washington’s Legislature passed a 9.9% income tax on households earning over $1 million, clearing the way to Gov. Bob Ferguson’s desk after a last-minute Republican challenge; the governor has signaled he will sign, and the bill would take effect after revenue begins in 2029 to fund schools, health care, higher education and public safety, with expanded tax breaks for small businesses and low‑income families. Supporters say it corrects a regressive tax code, while opponents warn of constitutional questions and potential impacts on business and capital flight, and amendments were added during passage to clarify language and offset revenue losses.

via king5.com|
#governor#income-tax#millionaires-tax
Washington Senate approves 9.9% tax on income above $1M to fund public services
politics1 month ago

Washington Senate approves 9.9% tax on income above $1M to fund public services

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.

via KOMO|
#income-tax#millionaires-tax#politics
Washington House advances 9.9% tax on top earners, prompting business concern
politics1 month ago

Washington House advances 9.9% tax on top earners, prompting business concern

The Washington House passed SB 6346 to levy a 9.9% personal income tax on earnings above $1 million, projecting roughly $3.5 billion in annual revenue starting in 2029. Supporters frame it as tax fairness to offset a regressive system, while critics warn it could erode Washington’s business climate; high-profile concerns, including Howard Schultz’s relocation to Miami, amplify the debate. The measure now moves to the Senate and governor as the session nears its close.

via GeekWire|
#business#income-tax#legislation
Washington lawmakers inch toward 9.9% tax on top earners as deadline nears
politics1 month ago

Washington lawmakers inch toward 9.9% tax on top earners as deadline nears

Legislative leaders in Olympia moved overnight toward a vote on a proposed 9.9% income tax on income above $1 million, set to take effect in 2029. Supporters, including Gov. Ferguson, say the revenue would fund families and small-business programs, while Republicans push amendments such as a charitable deduction. Critics warn the plan could violate the state constitution and invite court challenges, with opponents weighing a citizen initiative to repeal if it passes. If approved by the House, the bill would go to the Senate and then Ferguson for signature.

via KOMO|
#income-tax#legislature#millionaires
politics1 month ago

Voters Back NYC Millionaire Tax Plan, Siena Poll Finds

A Siena poll of 805 New York State registered voters (Feb. 23–26, 2026) finds broad support for allowing NYC to raise personal income taxes on residents earning $1M+, with 54-29% statewide, 62-21% among city voters, and 72-13% among Democrats. Independents and Republicans oppose more. The poll also shows Gov. Hochul ahead of Blakeman by 20 points, with a margin of error of ±4.5 percentage points.

via Siena Research Institute|
#income-tax#mamdani#new-york
Tariffs to replace income tax would cost far more than they save
economy1 month ago

Tariffs to replace income tax would cost far more than they save

Trump floated using tariffs to replace the income tax, but tariffs have never generated near enough revenue to substitute for tax income (roughly $195B in customs duties vs about $2.6T in income tax). Higher tariffs would shrink imports and push buyers to domestic substitutes, limiting revenue gains. Complicating the plan: IEEPA tariffs were overturned by the Supreme Court, and officials describe tariff revenue as a melting ice cube, making full replacement of income tax unlikely and potentially costly for consumers and the broader economy.

via Axios|
#economy#income-tax#revenue
Can NYC’s Higher Taxes Truly Tax the Rich Without Driving Them Away?
economy1 month ago

Can NYC’s Higher Taxes Truly Tax the Rich Without Driving Them Away?

New York City faces a tax policy clash as Mayor Mamdani pushes for higher income and corporate taxes to close a budget gap, while Gov. Hochul resists and a 9.5% property tax option is floated. Analysts differ: some say higher rates won’t cause abrupt migration but could erode NYC’s competitive footing over time, while others argue high taxes are common in strong regional economies. The piece outlines NYC/state tax burdens, the top-earner tax contributions, and the mixed evidence on whether taxes influence where high earners and businesses locate.

via THE CITY - NYC News|
#corporate-tax#economy#income-tax
Washington Senate advances millionaires tax targeting $1M+ incomes
politics1 month ago

Washington Senate advances millionaires tax targeting $1M+ incomes

The Washington Senate moved a 9.9% personal income tax on households earning more than $1 million to the House, arguing the measure would fund public defense, expand the Working Families Tax Credit, and aid small businesses, while critics warn of potential economic harm; the tax would take effect in 2028 (revenues begin in 2029) and is expected to yield about $3.4 billion annually once fully phased in, with the plan exempt from the existing prohibition on new statewide income taxes and facing continued political and legal challenges.

via Washington State Standard|
#income-tax#legislation#millionaires-tax
Washington lawmakers push 9.9% tax on $1M+ earners to fund services
politics2 months ago

Washington lawmakers push 9.9% tax on $1M+ earners to fund services

Democrats in Olympia unveiled Senate Bill 6346 proposing a 9.9% tax on household incomes above $1 million to raise about $3.7 billion annually for public education, early learning, childcare, healthcare and other services. The plan would also eliminate the sales tax on grooming products, create a small-business gross-revenue threshold exemption, expand the Working Families Tax Credit and direct 5% of revenue to counties for public safety. Gov. Jay Inslee’s office notes the proposal doesn’t go far enough for Washingtonians, while Republicans call it unconstitutional and warn of potential court challenges or voter referendum.

via king5.com|
#education-funding#income-tax#millionaires-tax
WA income tax push slammed as rigged to dodge voters
politics2 months ago

WA income tax push slammed as rigged to dodge voters

Seattle-based columnist Jason Rantz argues Washington Democrats used an emergency clause to push a millionaire income tax without allowing a voter referendum, delaying any tax collection until 2029 and labeling the move a procedural scam that undermines democracy; he accuses lawmakers of bypassing public accountability and calls for greater transparency and accountability.

via seattlered.com|
#democrats#emergency-clause#income-tax
Missouri Eyes Ballot to Phase Out Income Tax with Expanded Sales Tax
politics2 months ago

Missouri Eyes Ballot to Phase Out Income Tax with Expanded Sales Tax

Gov. Mike Kehoe proposed placing a statewide ballot question to begin phasing out Missouri’s personal income tax within five years, funded by expanding the sales tax to cover digital and modern services (excluding agriculture, health care, and real estate). The move would require constitutional changes and legislative action, and faces opposition from Democrats who warn it could amount to a large tax increase even as Kehoe argues it would boost growth and provide local tax relief.

via Missouri Independent|
#ballot-measure#income-tax#missouri