Washington's New Tax Law: Breakdown & Impact
Seattle News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Washington State introduces a 9.9% income tax on earnings over $1 million, projected to generate $3-4 billion annually. The tax, paired with some relief, primarily boosts state budget for schools, social services, and healthcare. Governor Ferguson advocates for more tax breaks, but the final deal expands Working Families Tax Credit and eliminates sales tax on certain items. Democrats support the move, while Republicans criticize it as insufficient. Ferguson anticipates voter approval if it reaches the ballot, focusing on rebates for working families and funding for free school meals.
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