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Washington’s millionaire tax targets the rich with hefty 9.9% hit — but an obscure 1933 Supreme Court ruling could blow the whole thing up
5+ mon, 6+ day ago (665+ words) The state of Washington is steadily progressing toward a millionaire tax after Democratic Governor Bob Ferguson signed Senate Bill 6346 (1) on March 30. The new bill will impose a 9.9% tax on households with an income of over $1 million per year. The law…...
Will Washington's Millionaires' Tax Drive The Rich Out Of The State?
5+ mon, 1+ week ago (450+ words) Washington state made history earlier this week when Gov. Bob Ferguson signed Senate Bill 6346, the Millionaires’ Tax, into law. The bill taxes individual income exceeding $1 million a year. Less than half of one percent of Washingtonians will pay it. In…...
Washington enacts ‘millionaires tax,’ faces swift legal challenge and possible ballot fight
5+ mon, 1+ week ago (638+ words) Washington has approved a new 9.9% tax on income over $1 million, marking the state’s first personal income tax. Opponents plan to challenge the law in court and may push a repeal to voters, arguing it’s unconstitutional. The legal fight is expected…...
How Washington's new income tax could perpetuate the state's housing unaffordability
5+ mon, 2+ week ago (522+ words) (The Center Square) - Real estate and building industry members warn that the income tax on people earning more than $1 million that passed the legislature this session could undermine the housing market in more ways than one. “I don’t want to…...