Washington State's New Wealth Tax: What You Need to Know
Spokane News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Washington State Proposes 9.9% Income Tax on Millionaires: A Balancing Act
Lawmakers in Washington state are advancing a plan to impose a 9.9% tax on individual income exceeding one million dollars annually, starting 2029. The measure aims to balance the states tax system by aiding lower-income individuals. Around 30,000 people would be affected, with the tax applying only to earnings, not assets. The proposal includes sales tax exemptions for diapers and hygiene items, small business tax breaks, and increased credits for working families. However, the bill faces opposition from Republicans in the House and may face constitutional challenges.
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