Washington State Passes New Millionaire Tax
Seattle News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Washington State House Passes New Income Tax on Millionaires: A Step Towards Fairer Taxes or a Sad Day for Wealthy Residents?
The Washington state House of Representatives has passed a new income tax targeting individuals earning over one million dollars annually. The nine point nine percent tax, set to begin in 2029, is expected to generate around four billion dollars annually for schools, healthcare, and childcare services. Supporters argue its a step towards fairer taxes, while opponents warn it will drive away wealthy residents and businesses. The bill also includes tax breaks for middle and lower-income families. It now heads to the Senate for a quick vote, with the governor ready to sign it into law.
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