Washington State Proposes Millionaires Tax Amid Mixed Reactions
Washington state Democrats have officially proposed a new income tax targeting individuals earning over $1 million, sparking considerable debate amongst lawmakers and citizens alike. While the initiative aims to address fiscal challenges, concerns have been raised about its potential effects on business and job retention in the state. Governor Bob Ferguson has expressed reservations about the current form of the tax, indicating he cannot support it without significant changes. This proposal marks the latest in a series of attempts to introduce an income tax in Washington, a state known for its strong resistance to such measures, having rejected similar proposals multiple times in the past. Meanwhile, business leaders and some Republicans have criticized the tax as detrimental to economic growth. As discussions continue, public opinion remains divided on whether this is the year voters will embrace a state income tax.
The Seattle Times, king5.com, MyNorthwest.com, Politico, The Washington Post, Axios, KOMO, Washington State Standard, The Olympian, Cascadia Daily News