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Washington Initiative 645 seeks to repeal millionaire income tax
Initiative 645 is appearing on the Washington state ballot, proposing the repeal of a 9.9% tax on annual income exceeding $1,000,000. The tax, which was passed by the legislature, is scheduled to begin collection in 2028.
Proponents of the repeal, including the National Federation of Independent Businesses (NFIB) and the Washington Policy Center, argue the tax will harm the state economy. Data from the NFIB suggests that if the tax remains, Washington could see 18,000 job losses, a reduction of 1,400 new businesses annually, and a loss of nearly $5 billion in goods and services by 2028, potentially growing to $8.3 billion by 2036.
Opponents of the repeal argue that maintaining the tax would help address Washington’s history of regressive taxation. A DHM poll of 800 residents conducted in late September indicated that 57% would vote against the repeal, while 35% would vote for it.
Entities
Bob Ferguson · Jeff Bezos · National Federation of Independent Businesses · Washington · Washington Policy Center
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 5 SOURCES] Initiative 645 proposes to repeal a 9.9% tax on income over $1,000,000. www.auburn-reporter.com · www.bellevuereporter.com · www.covingtonreporter.com · www.issaquahreporter.com · www.valleyrecord.com
- [○ 1 SOURCE] Washington could produce $5 billion less in goods and services in 2028 if the tax remains. 97rockonline.com
- [● 5 SOURCES] A DHM poll found 57% of 800 Washington residents would vote no on the initiative. www.auburn-reporter.com · www.bellevuereporter.com · www.covingtonreporter.com · www.issaquahreporter.com · www.valleyrecord.com
- [● 5 SOURCES] The tax is scheduled to begin collection in 2028. www.auburn-reporter.com · www.bellevuereporter.com · www.covingtonreporter.com · www.issaquahreporter.com · www.valleyrecord.com
- [○ 1 SOURCE] The tax could result in 18,000 job losses in Washington. 97rockonline.com