Washington's New Income Tax Targets Millionaires
Seattle News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Washington Governor Bob Ferguson is set to sign a bill imposing a 9.9% income tax on households earning over $1 million, targeting the wealthiest residents. The bill, which includes tax breaks for small businesses and low-income families, aims to address Washingtons upside-down tax system. Despite Republican opposition, the bill passed and is expected to fund schools, healthcare, colleges, and law enforcement starting in 2029. However, legal challenges are anticipated, as the states constitution may require an amendment for the income tax to be fully effective.
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