All articles tagged with #millionaires tax
Washington approves a 9.9% tax on income over $1 million to fund rebates and universal school meals, with Gov. Ferguson backing it, while opponents plan legal challenges and ballot initiatives; the session also rolls back the estate tax from 35% to 20%, setting up a broader tax reform fight that could go to court or voters.
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.
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.
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.
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.
After a 24-hour-plus floor debate, the Washington House approved a 9.9% tax on households earning over $1 million by a 51-46 vote (one excused). Democrats say the Millionaires’ Tax would raise up to $3 billion for education, health care, and public safety; Republicans call it a delay tactic and warn it could impact smaller earners and businesses. If signed by Governor Ferguson, the measure would take effect in 2029 and moves to the governor’s desk as the session wraps up.
Gov. Bob Ferguson signaled support for a 9.9% tax on income over $1 million but would not back any income tax for individuals earning less than $1 million, insisting any bill must return significant revenue to Washington families and small businesses. He urged expanding the Working Families Tax Credit, broadening essential-item sales exemptions, and adding a biannual sales-tax holiday as the millionaire’s tax progresses from the Senate to the House; he did not commit to veto scenarios and highlighted the need for affordability measures as the session nears its March 12 deadline.
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.
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.
Washington Governor Bob Ferguson supports a proposed 9.9% income tax on residents earning over $1 million, aiming to raise $3 billion annually starting in 2029, contingent on legal approval and voter support, with plans to use the revenue for tax credits, education, and small business relief.
Massachusetts Governor Maura Healey announced that the "Millionaire's Tax" will cover tuition for approximately 25,000 state university and community college students. The tax, which applies to those with an annual income over $1 million, will add $62 million to the MASSGrant Plus program, providing funding for tuition, fees, books, and supplies for Pell Grant-eligible students. The program will also reduce costs for full-time students from families earning between $73,000 and $100,000. The initiative aims to increase access to higher education and strengthen the state's economy.
Boston Celtics forward Grant Williams is reportedly heading to the Dallas Mavericks for a $54 million contract over four years, citing the Massachusetts Millionaire's Tax as a factor in his decision. Williams explained that the tax made his earnings in Boston effectively lower than the reported amount, while the absence of such a tax in Dallas made the offer more appealing. The move has sparked discussions about the impact of the tax on the state's ability to compete and retain talent, with concerns raised about the out-migration of affluent residents.
Minnesota House Democrats have released a $3 billion tax plan that includes one-time rebate checks of $275 per taxpayer plus more for up to three dependents, a child tax credit of up to $1,175 per child for working families, and a new "millionaires tax" on the state's highest earners. The plan creates a fifth income tax bracket of 10.85% for married couples making more than $1 million per year and individuals making $600,000. Republicans criticized the tax increases, proposing a "Give It Back" plan that would send $13 billion back to taxpayers over two years.