OLYMPIA, WA (MyBellinghamNow.com) – A proposed millionaire’s tax has become the center of debate and controversy in Olympia this week.
My Bellingham Now previously reported on the proposed tax that would take 9.9% of taxable income above $1 million for Washington residents.
According to a fiscal note, the tax would generate an estimated revenue of $3.7 billion annually if it were to go into effect, collecting in 2029.
The bill was introduced last week and has since received strong opinions both for and against the bill’s intent.
In a public hearing Friday, many people signed up to speak on the bill that was under scrutiny for referendum-proof language among other concerns.
The bill was amended on Monday before passing the Senate Ways and Means Committee, giving greater exemptions and relief to smaller-sized business with other small changes.
King5 reports that hundreds of people rallied in Olympia on Tuesday, Feb. 10 in support of the bill.
Washington residents have voted against a state income tax repeatedly, with the most recent vote in 2015.
