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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