Washington state voters will face a high-stakes decision in November over the future of a 9.9% income tax on earnings exceeding $1 million, which was enacted earlier this year. A conservative-backed ballot initiative seeks to repeal the measure, arguing it sets a precedent for broader tax increases beyond the wealthy. Supporters of the tax counter that it would generate billions annually to support education, healthcare, and expanded tax relief programs. The outcome could reshape state revenue priorities and tax policy for high earners.
An initiative on November’s ballot aims to overturn the 9.9% tax on earnings above $1m – who’s winning the fight? Voters in Washington state will soon decide the fate of the state’s so-called “millionaire tax” – a 9.9% income tax on earnings above $1m that was signed into law in March and is now facing a conservative-backed effort to repeal it.An initiative on November’s ballot aims to overturn the tax, claiming that the tax represents a slippery slope, and would eventually result in taxes for more than just millionaires. A coalition of advocacy groups and unions opposing the initiative say taxing the state’s 20,000 highest-earning households could raise approximately $3.5bn in necessary annual revenue to fund core priorities like education and healthcare, and expand tax credits and sales tax exemptions. Continue reading...
