Washington Moves Closer To Major Income Tax Change

Washington has moved a step closer to enacting a so-called “millionaire’s tax’ after the measure was approved by the state House after a more than 24-hour debate.

The change, which now moves to the Senate as early as Wednesday, would see income tax raised for households earning more than $1million a year. The final vote was 51-46 after eight Democrats joined Republicans in opposing the tax, according to the Seattle Times.

Reacting to the news, Washington Governor Bob Ferguson said in a statement: “The Millionaires’ Tax passed by the House represents historic progress in rebalancing our unfair system. It sends significant dollars back to Washington families and small businesses.

“It expands the Working Families Tax Credit to 460,000 additional households – that’s money straight back into the pockets of working families.

“It saves working parents money and ensures our kids are prepared to learn by funding free breakfast and lunch for all Washington K-12 students, which has been a priority of mine since I ran for governor.

“The Millionaires’ Tax will apply to less than one half of one percent of Washingtonians, but make life more affordable for millions. I look forward to signing it.”

This is a developing story and will be updated.

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