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Washington state proposes a 10% tax on income over $1M to fund education, childcare, and tax relief.
Washington state is advancing a proposal to tax income over $1 million at nearly 10%, aiming to generate billions for free school meals, childcare, a family tax credit, and eliminating sales taxes on personal care items.
The measure, passed by the state House and pending Senate approval, seeks to reform a regressive tax system that critics say harms middle- and working-class residents.
Democratic Governor Bob Ferguson supports the plan, while opponents warn it could deter investment and drive businesses and high earners out.
Similar tax efforts are underway in California, Maryland, Minnesota, New Jersey, and Michigan, with some states exploring one-time wealth taxes on ultra-high-net-worth individuals to offset federal funding cuts.
Legal challenges and potential ballot initiatives are expected if the legislation advances.
El estado de Washington propone un impuesto del 10% sobre los ingresos de más de 1 millón de dólares para financiar la educación, el cuidado de los niños y el alivio fiscal.