Washington State's New Tax on High Earners
Seattle News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Washington States New Tax on High Earners: A Double-Edged Sword
Washington states lawmakers have passed a new tax targeting high earners, with Senate Bill six three four six imposing nearly a ten percent rate on individual or household income above one million dollars a year. The money will support public programs and strengthen the general fund. However, business leaders are raising alarms about the hit to small companies, with a fresh survey revealing that forty-four percent of members are eyeing a move out of state to escape taxes. Challenges lie ahead for the tax, with groups prepping lawsuits claiming it violates the state constitution and a ballot initiative to scrap it potentially landing on November ballots.
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