I signed up on the Let’s Go Washington website as a volunteer to help IP26-645 (see screen capture) get on the ballot in November. IP26-645 is an initiative to the people that would repeal the 9.9 percent tax that was passed by the legislature in March and is to be levied on incomes above $1 million starting in 2028. Although the sample of people I talked while collecting signatures is unscientific, that doesn’t keep me from having some observations about the process.
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Tagged "Millionaires" tax, IP26-645
Last week Washington state Democrats introduced companion bills in the Senate (see screen capture) and House that propose to tax high earners. Dubbed the “millionaires” tax, the legislation imposes a 9.9 percent tax on annual earnings above $1 million. Although “millionaires” tax is a catchy term, it won’t apply for long, not because the tax will be overturned by a voter or legal challenge, but because of some fine print in the bills.
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