Millionaires tax campaigns ramp up, voters to decide on repeal in November
Washington voters are preparing to decide on Initiative 645, which seeks to repeal a proposed tax on millionaires before it takes effect. Proponents and opponents are debating the potential impact on state funding for education and healthcare.
Why it matters
The initiative highlights the ongoing national debate over wealth taxation and its role in funding public services versus economic competitiveness.
Watching TV, you might start noticing campaign ads for Initiative 645. Initiative 645 aims to repeal the state's "millionaires tax" before a single cent is actually ever brought in from it. RELATED | 'Millionaires tax' opponents submit signatures in effort to let voters repeal the tax The millionaires tax applies to anyone or household making more than a million dollars each year; the first million dollars of earnings are exempt from the tax, but any dollar made above that threshold will be subject to a 9.9% state income tax come 2029, should it withstand challenges. A vote "no" on I-645 means you want the tax to stay intact. Here's what part of a "no" campaign ad airing right now says: "645 gives millionaires and billionaires a 13 billion dollar tax break..."
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