Washington state lawmakers outline millionaire tax requirements

Washington State Senate Approves Tax on Personal Income Over $1 Million

The Washington state Senate has approved a proposed tax on personal income exceeding $1 million. The tax, also known as the “millionaires tax,” aims to generate revenue for the state.

According to the proposal, individuals with annual incomes above $1 million would be subject to an additional 8% tax rate on their earnings. The tax is expected to apply to approximately 0.3% of Washington residents.

The Senate has also included a clause that limits voter challenge to the proposed tax. This means that if voters were to challenge the constitutionality of the tax, it would only be subject to review by the state Supreme Court.

Governor Jay Inslee has expressed support for the proposal, stating that the revenue generated from the tax must return to families and low-income individuals. However, he has also rejected a separate proposal to impose an income tax on individuals with incomes under $1 million.

The proposed tax is expected to be reviewed by lawmakers in the coming weeks before being sent to Governor Inslee for signature or veto.

Source: Google News World