SPOKANE, Wash. — After a tough battle in Olympia, Governor Bob Ferguson signed into law one of Washington’s most controversial senate bills, commonly known as the “millionaires’ tax”. The law imposes a 9.9% income tax on people who earn more than $1 million a year.
Ferguson says the tax is a major step toward fixing Washington’s tax system, and is estimated to generate $3 billion more a year in revenue for the state.
“Washington families whose income is in the bottom 20% pay a whopping 13.8% of their total income in state and local taxes, while the wealthiest pay a far smaller percentage of their income. That’s not fair, and that’s not right,” Ferguson said…