Washington joined the ranks of states like Rhode Island, Massachusetts, and Maine in enacting a so-called millionaires tax. It places a 9.9% levy on households earning more than $1 million per year. The tax doesn’t apply to the first $1 million of income — only the income beyond that threshold.
Supporters of the tax argue that it affects only a sliver of households in the state, while opponents warn it threatens opening the door to a broader statewide income tax.
Let’s Go Washington, a political action committee sponsored by hedge fund manager Brian Heywood, put forward the repeal measure. “We are proud to lead the fight to protect families and small businesses from Olympia expanding their state income tax on all Washingtonians,” he said in a statement July 15, when its initiative met the signature threshold for appearing on the ballot.
Meanwhile, a campaign urging voters to reject the repeal bid has won the backing of some high-profile Washingtonians, including travel writer Rick Steves and “Jeopardy!” winner-turned-host Ken Jennings.
Gov. Bob Ferguson (D) signed the bill creating the tax in March. It takes effect in 2028, with the first taxes due in 2029.
I'm not really freaking out because Ferguson said he would veto anything that goes below $1M. And he's already on thin ice with most voters.
What I'm worried about and this seems to be what most supporters of this initiative are pointing out is that there were amendments proposed to make sure the tax never gets lowered or it would adjust with inflation, etc. but they were shutdown very quickly.
MAGAs like Heywood wouldn't have any standing if that language was in there.
Sorry, I wasn't trying to imply that you were freaking out. I was referring more to some of my conservative coworkers that had very interesting fits about this haha.