Washington Governor Considers Millionaire Income Tax
Seattle News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Washington States Governor Bob Ferguson is expected to sign a new income tax bill, SB 6346, which would tax income over $1 million starting 2028. The bill aims to generate $3-4 billion annually for education, tax relief, and the general fund. However, opponents, including Republicans, plan to challenge the bill in court, arguing it violates the state constitution. The real battle may unfold at the state Supreme Court, where Democrats are betting on its left-leaning makeup, despite three justices leaving soon. Meanwhile, lawmakers have also reduced the estate tax top rate, sparking debates about high taxes driving capital away and potentially impacting Seattles NBA expansion chances.
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