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Governor details how proposed "millionaires tax" revenue would be returned to Washington families and small businesses
Summary
At a Leadership Media Availability, Speaker 4 outlined a proposal to tax income above $1,000,000, said the threshold would be indexed for inflation, and proposed directing roughly $1.9 billion of revenue toward small-business B&O credits, an expanded Working Families Tax Credit, sales-tax holidays and exemptions.
Speaker 4 outlined a plan for using revenue from a proposed income tax on earnings above $1,000,000 and emphasized the priority is making life more affordable for Washington families and small businesses. "Any bill I sign must send a significant percentage of the revenue back to Washington families and small business owners," Speaker 4 said.
Under the governor's proposal, the tax would apply only to income above $1,000,000 (the first million would not be taxed) and the threshold would be indexed for inflation so it does not "trap" households over time. Speaker 4 said the measure should apply to "less than one half of one percent of Washingtonians," and urged clarity with the public about who would and would not pay.
The governor proposed dedicating roughly $1,000,000,000 of the new revenue to a dramatically…
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