Home›Global Markets›Trade & Tariffs›Washington state faces vote on repeal of 9.9% milliona…

Washington state faces vote on repeal of 9.9% millionaire tax

The initiative seeks to overturn the 9.9% income tax on earnings above $1 million, enacted in March, after critics argued it could raise about $3.5 billion annually from the state’s top 20,000 earners.

Reported · Written up by our desk · Trade & Tariffs

Voters in Washington state will decide in November whether to overturn a so-called millionaire tax, a 9.9% income tax on earnings above $1 million that was signed into law in March by Governor Bob Ferguson, according to The Guardian Economics.

The repeal effort, backed by conservative groups, argues the tax is a slippery slope that could eventually expand beyond millionaires.

Opponents, including a coalition of advocacy groups and unions, say the tax would target the state’s roughly 20,000 highest-earning households and could raise about $3.5 billion in annual revenue to support priorities such as education and healthcare, while also expanding tax credits and sales tax exemptions.

The Guardian Economics also notes the initiative comes amid concerns about dwindling federal funding under the Trump administration.

More like this

Sources