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Millionaires tax campaigns ramp up, voters to decide on repeal in November
KOMO • • nation
Key Points:
- Initiative 645 seeks to repeal Washington state's proposed "millionaires tax," a 9.9% income tax on earnings above $1 million, set to take effect in 2029 if not challenged.
- Opponents of the repeal argue the tax would generate an estimated $3.5 billion annually to support education, healthcare, and childcare, warning that repealing it would lead to significant budget cuts in these areas.
- Supporters of the repeal claim the tax could eventually expand to affect all Washington residents and criticize the removal of pension tax protections, asserting the tax unfairly targets retirees and middle-income workers.
- The debate highlights Washington's regressive tax system, where lower earners pay a higher share of income in taxes, with opponents advocating for a fairer tax code and supporters calling for transparency and caution against tax expansion.
- The vote on Initiative 645 will take place on November 3, with ballots mailed starting October 16.
