OLYMPIA, WA – Washington state’s percolating “millionaire’s tax” would result in a top marginal rate of more than 18% for high-income earners in Seattle, based on the combined effects of several state and local layers.
During his State of the State address on Tuesday, Gov. Bob Ferguson prioritized a 9.9% tax on annual adjusted gross income exceeding $1 million, estimated to generate up to $3.5 billion per year to help fund education, tax relief and infrastructure.
Assuming such a tax was passed by lawmakers and signed into law by the governor, revenues wouldn’t reach state coffers for several years due to anticipated legal challenges…