A new bill creating income tax on Washington state’s millionaires is progressing in Olympia.
OLYMPIA, Wash. — A bill that would create Washington state’s first income tax, targeting households earning more than $1 million annually, moved from the Senate to a packed House committee hearing Tuesday, where supporters and opponents clashed over the proposal’s potential impact on the state.
The legislation would impose a 9.9% levy on household earnings above $1 million per year. In exchange, under the latest proposal: small businesses would receive tax breaks, the sales tax on grooming and hygiene products would be eliminated, and funding for the state’s Working Families Tax Credit
