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Microsoft Vice Chair and President Brad Smith said Washington should recognize it is now operating as a high-tax state and consider how that affects economic competitiveness. Speaking at Thursday’s Puget Sound Regional Council General Assembly meeting, Smith compared Washington’s tax structure to other high-tax states, including California, New York,... show more

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Nordstrom Co-CEO Erik Nordstrom pointed to San Francisco as an example of how cities can recover economically and improve public perception over time. Speaking at Thursday’s Puget Sound Regional Council General Assembly meeting, Nordstrom discussed the importance of leadership, confidence, and long-term planning in shaping business investment. He said Washington leaders should focus on creating conditions that encourage companies and residents to remain in the region. The discussion centered on the future of Seattle and Washington’s economic competitiveness. #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews

Nordstrom Co-CEO Erik Nordstrom pointed to San Francisco as an example of how cities can recover economically and improve public perception over time. Speaking at Thursday’s Puget Sound Regional Council General Assembly meeting, Nordstrom discussed the importance of leadership, confidence, and long-term planning in shaping business investment. He said Washington leaders should focus on creating conditions that encourage companies and residents to remain in the region. The discussion centered on the future of Seattle and Washington’s economic competitiveness. #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews

KOMO News

22,803 görüntüleme • 2 ay önce

Washington’s newly approved tax on millionaires is raising questions about whether some of the wealthiest residents could leave and what that might mean for jobs and the broader business climate. State lawmakers recently passed a 9.9% tax on income above $1 million, which is a significant shift for a state that has long avoided a traditional income tax. It will apply to roughly 20,000 households, or less than 1% of Washington’s population. Link: #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews #MillionairesTax #IncomeTax #BusinessClimate #StateLawmakers

Washington’s newly approved tax on millionaires is raising questions about whether some of the wealthiest residents could leave and what that might mean for jobs and the broader business climate. State lawmakers recently passed a 9.9% tax on income above $1 million, which is a significant shift for a state that has long avoided a traditional income tax. It will apply to roughly 20,000 households, or less than 1% of Washington’s population. Link: #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews #MillionairesTax #IncomeTax #BusinessClimate #StateLawmakers

KOMO News

16,777 görüntüleme • 3 ay önce

Former Washington Gov. Christine Gregoire is speaking out as debate grows over the state’s economic future and government spending priorities. The discussion comes as Seattle and state leaders face increasing scrutiny over public safety, business conditions, and long-term growth. Gregoire joined local leaders and policymakers Thursday at the Puget Sound Regional Council General Assembly meeting Thursday to discuss challenges facing Washington and possible paths forward. The conversation also touched on concerns about public perception, economic competitiveness, and the direction of state policy. -------------------------------------------------- For more on the story, head to

Former Washington Gov. Christine Gregoire is speaking out as debate grows over the state’s economic future and government spending priorities. The discussion comes as Seattle and state leaders face increasing scrutiny over public safety, business conditions, and long-term growth. Gregoire joined local leaders and policymakers Thursday at the Puget Sound Regional Council General Assembly meeting Thursday to discuss challenges facing Washington and possible paths forward. The conversation also touched on concerns about public perception, economic competitiveness, and the direction of state policy. -------------------------------------------------- For more on the story, head to

KOMO News

25,971 görüntüleme • 2 ay önce

Seattle business leaders are reacting to Washington's new "Millionaires Tax" bill that passed the state house Tuesday. The Washington State Budget and Policy Center estimates it would hit as many as 30,000 Washington households to bring in about $4 billion per year for the General Fund. Under the plan, people making more than $1 million per year would pay a 9.9% tax on income above that threshold starting in 2029. #komo #komo4 #komonews #seattle #washington #millionaire #tax #incometax

Seattle business leaders are reacting to Washington's new "Millionaires Tax" bill that passed the state house Tuesday. The Washington State Budget and Policy Center estimates it would hit as many as 30,000 Washington households to bring in about $4 billion per year for the General Fund. Under the plan, people making more than $1 million per year would pay a 9.9% tax on income above that threshold starting in 2029. #komo #komo4 #komonews #seattle #washington #millionaire #tax #incometax

KOMO News

20,592 görüntüleme • 5 ay önce

Local business leaders spoke at Thursday's Puget Sound Regional Council General Assembly meeting about the state of business in Washington. Nordstrom Co-CEO Erik Nordstrom said Washington is becoming increasingly expensive for businesses, raising concerns about costs and long-term investment. Kerri Schroeder with JPMorgan Chase said companies and residents are making decisions based on affordability and economic conditions in the region. The discussion focused on the future of business growth and competitiveness in Washington state. Local leaders and business executives continue to debate how policy and costs could shape the region’s economy moving forward.

Local business leaders spoke at Thursday's Puget Sound Regional Council General Assembly meeting about the state of business in Washington. Nordstrom Co-CEO Erik Nordstrom said Washington is becoming increasingly expensive for businesses, raising concerns about costs and long-term investment. Kerri Schroeder with JPMorgan Chase said companies and residents are making decisions based on affordability and economic conditions in the region. The discussion focused on the future of business growth and competitiveness in Washington state. Local leaders and business executives continue to debate how policy and costs could shape the region’s economy moving forward.

KOMO News

10,049 görüntüleme • 2 ay önce

Former Gov. Gary Locke said Washington voters should focus on how a proposed millionaire's tax would be spent rather than simply whether it passes. Locke said the state is already facing a budget shortfall and says the new tax alone would not generate enough revenue to cover both existing obligations and proposed new programs. He questioned whether lawmakers would ultimately need to raise additional taxes or reduce spending if projected revenues fall short. Locke said the long-term funding plan should be clear before the state commits to new spending promises. Full story here: #komo #komo4 #komonews #seattle

Former Gov. Gary Locke said Washington voters should focus on how a proposed millionaire's tax would be spent rather than simply whether it passes. Locke said the state is already facing a budget shortfall and says the new tax alone would not generate enough revenue to cover both existing obligations and proposed new programs. He questioned whether lawmakers would ultimately need to raise additional taxes or reduce spending if projected revenues fall short. Locke said the long-term funding plan should be clear before the state commits to new spending promises. Full story here: #komo #komo4 #komonews #seattle

KOMO News

42,121 görüntüleme • 25 gün önce

$King County is at a crossroads over a dire crisis in transportation funding, and an increased sales tax is one solution under consideration. The county’s Road Services Division needs about $200 million each year for maintenance and safety improvements, but has only a fraction of that amount on hand. On Thursday, the King County Transportation District (KCTD) will consider a proposal to increase the sales tax by 0.1% for the next 10 years. Full story here: #komo #komo4 #komonews #komo4news #seattle #washington #tax #taxes #salestax #kingcounty$

King County is at a crossroads over a dire crisis in transportation funding, and an increased sales tax is one solution under consideration. The county’s Road Services Division needs about $200 million each year for maintenance and safety improvements, but has only a fraction of that amount on hand. On Thursday, the King County Transportation District (KCTD) will consider a proposal to increase the sales tax by 0.1% for the next 10 years. Full story here: #komo #komo4 #komonews #komo4news #seattle #washington #tax #taxes #salestax #kingcounty

KOMO News

21,202 görüntüleme • 4 ay önce

Washington Gov. Bob Ferguson said state agencies should prepare for difficult budget decisions as his administration begins crafting the next state spending plan. He warned that the state's fiscal situation is "dire" while pledging not to propose new taxes to offset any budget shortfall. The Governor made his first comments to KOMO News days after the Office of Financial Management directed agencies to begin planning for the 2027-29 budget cycle. The agency instructed departments to avoid requesting new programs and to identify potential spending reductions as state leaders confront what officials described as significant fiscal challenges. Link: #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews #Governor #BobFerguson #Taxes #Budget #FiscalChallenges

Washington Gov. Bob Ferguson said state agencies should prepare for difficult budget decisions as his administration begins crafting the next state spending plan. He warned that the state's fiscal situation is "dire" while pledging not to propose new taxes to offset any budget shortfall. The Governor made his first comments to KOMO News days after the Office of Financial Management directed agencies to begin planning for the 2027-29 budget cycle. The agency instructed departments to avoid requesting new programs and to identify potential spending reductions as state leaders confront what officials described as significant fiscal challenges. Link: #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews #Governor #BobFerguson #Taxes #Budget #FiscalChallenges

KOMO News

17,693 görüntüleme • 2 ay önce

Three years after Seattle voters approved the creation of a publicly owned social housing developer — and later approved a new tax on high earners to fund it — the organization has made its biggest move yet: purchasing a luxury apartment building steps from Pike Place Market for $60 million. The acquisition of the Elara at the Market marks the first major property purchase by the Seattle Social Housing Developer, which plans to convert the 150-unit building into permanently affordable housing. Link: #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews #SocialHousing #Developer #ApartmentBuilding $Elara #SeattleVoters

Three years after Seattle voters approved the creation of a publicly owned social housing developer — and later approved a new tax on high earners to fund it — the organization has made its biggest move yet: purchasing a luxury apartment building steps from Pike Place Market for $60 million. The acquisition of the Elara at the Market marks the first major property purchase by the Seattle Social Housing Developer, which plans to convert the 150-unit building into permanently affordable housing. Link: #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews #SocialHousing #Developer #ApartmentBuilding $Elara #SeattleVoters

KOMO News

19,444 görüntüleme • 2 ay önce

Seattle Mayor Katie Wilson’s push to provide free meals to every student in the Seattle School District is on hold, with the plan likely delayed by a year due to City Council concerns about how to pay for it. The council voted Wednesday on an amendment to the plan amid worries that the funding may not be available when it is time to cover the cost of lunches. The proposal was expected to be funded by revenue from a newly implemented "millionaires tax," but there is now a chance voters could repeal it. “I support the goal of making sure families have access to nutritious food,” Councilmember Rob Saka said. Link: #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews #FreeMeals #MillionairesTax #KatieWilson #SeattleMayor

Seattle Mayor Katie Wilson’s push to provide free meals to every student in the Seattle School District is on hold, with the plan likely delayed by a year due to City Council concerns about how to pay for it. The council voted Wednesday on an amendment to the plan amid worries that the funding may not be available when it is time to cover the cost of lunches. The proposal was expected to be funded by revenue from a newly implemented "millionaires tax," but there is now a chance voters could repeal it. “I support the goal of making sure families have access to nutritious food,” Councilmember Rob Saka said. Link: #komo #komonews #komo4 #komo4news #seattle #seattlenews #washingtonnews #FreeMeals #MillionairesTax #KatieWilson #SeattleMayor

KOMO News

13,513 görüntüleme • 22 gün önce

>Downtown Seattle Association: "Seattle’s JumpStart Tax has jump-started Bellevue’s economy. Not Seattle’s..." >Seattle Director of Economic Development: "We definitely need to start thinking better about how we really activate our economic development plan beyond the JumpStart and other progressive taxes that we’ve been implementing." >Amazon: 'We're continuing to move to Bellevue in part because of the JumpStart Tax...' >Starbucks: 'We are leaving Seattle due to high taxes and a poor business climate...' >30,000 jobs: GONE since the JumpStart Tax was implemented Response from Seattle Mayor Katie Wilson: "We are looking at new revenue options. Nothing is off the table [with the JumpStart Payroll Tax]..." Hana Kim | FOX 13 Seattle 'New taxes on the table as Mayor Wilson looks to balance budget deficit' Article:

>Downtown Seattle Association: "Seattle’s JumpStart Tax has jump-started Bellevue’s economy. Not Seattle’s..." >Seattle Director of Economic Development: "We definitely need to start thinking better about how we really activate our economic development plan beyond the JumpStart and other progressive taxes that we’ve been implementing." >Amazon: 'We're continuing to move to Bellevue in part because of the JumpStart Tax...' >Starbucks: 'We are leaving Seattle due to high taxes and a poor business climate...' >30,000 jobs: GONE since the JumpStart Tax was implemented Response from Seattle Mayor Katie Wilson: "We are looking at new revenue options. Nothing is off the table [with the JumpStart Payroll Tax]..." Hana Kim | FOX 13 Seattle 'New taxes on the table as Mayor Wilson looks to balance budget deficit' Article:

Future 42

10,234 görüntüleme • 1 ay önce

🗣️ Just saw this on .FOX Business “EXIT TAX” 😳plastered over a mountain of cash. The caption says it all: “They’re gonna tax you with a knife in your back when you leave, too.” 😱 And it’s not just talk. Across the country, at least 10 states are now exploring or have already pushed wealth taxes and “exit taxes” to punish residents who dare to flee their high-tax, high-spending disasters for lower-tax states like Florida, Texas, or Tennessee. Leading the pack: 1. California — “Billionaire Tax Act” (5% one-time hit on net worth over $1 billion) 2. New York Wealth and high-income tax proposals, plus aggressive residency audits on departing residents. 3. Washington Recently passed 9.9% tax on incomes over $1M; earlier capital gains tax. 4. Michigan Ballot proposal for 5%+ tax on high earners (over $500K); constitutional amendment efforts. 5.Massachusetts Millionaire surtax already in place; additional wealth/exit ideas under discussion. 6. Connecticut Wealth tax proposals and high-income surcharges. 7. Illinois — Debating 3% tax on income over $1M. 8. New Jersey — Has existing withholding rules on real estate sales for former residents (often called an exit mechanism). 9. Maryland — High-income and capital gains adjustments; history of targeting departing wealthy residents. 10. Hawaii or others in the broader group — Part of earlier coordinated wealth tax pushes (some reports fold in states like these for ongoing discussions). ✅ …plus others quietly lining up. Some proposals include “look-back” rules so they can keep taxing your worldwide assets even after you move out. This isn’t about “fairness.” It’s about governments that refuse to cut wasteful spending, so instead they try to trap the golden geese who actually pay the bills.

🗣️ Just saw this on .FOX Business “EXIT TAX” 😳plastered over a mountain of cash. The caption says it all: “They’re gonna tax you with a knife in your back when you leave, too.” 😱 And it’s not just talk. Across the country, at least 10 states are now exploring or have already pushed wealth taxes and “exit taxes” to punish residents who dare to flee their high-tax, high-spending disasters for lower-tax states like Florida, Texas, or Tennessee. Leading the pack: 1. California — “Billionaire Tax Act” (5% one-time hit on net worth over $1 billion) 2. New York Wealth and high-income tax proposals, plus aggressive residency audits on departing residents. 3. Washington Recently passed 9.9% tax on incomes over $1M; earlier capital gains tax. 4. Michigan Ballot proposal for 5%+ tax on high earners (over $500K); constitutional amendment efforts. 5.Massachusetts Millionaire surtax already in place; additional wealth/exit ideas under discussion. 6. Connecticut Wealth tax proposals and high-income surcharges. 7. Illinois — Debating 3% tax on income over $1M. 8. New Jersey — Has existing withholding rules on real estate sales for former residents (often called an exit mechanism). 9. Maryland — High-income and capital gains adjustments; history of targeting departing wealthy residents. 10. Hawaii or others in the broader group — Part of earlier coordinated wealth tax pushes (some reports fold in states like these for ongoing discussions). ✅ …plus others quietly lining up. Some proposals include “look-back” rules so they can keep taxing your worldwide assets even after you move out. This isn’t about “fairness.” It’s about governments that refuse to cut wasteful spending, so instead they try to trap the golden geese who actually pay the bills.

🦅 Eagle Wings 🦅

20,383 görüntüleme • 4 ay önce

🚨 JUST IN: Missouri voters are preparing to storm the polls to ABOLISH the state income tax FULLY on August 4th This is a no-brainer! Missouri is about to go the way of Florida and should do PROPERTY TAXES next 🔥 GOV. MIKE KEHOE: "Look at New York. People are dying to get out of what's happening in that socialist state and that socialist town now!" 💯 "Many states are looking at this policy because they've seen the growth and success of states with the no income tax policies right now." Lara Trump

🚨 JUST IN: Missouri voters are preparing to storm the polls to ABOLISH the state income tax FULLY on August 4th This is a no-brainer! Missouri is about to go the way of Florida and should do PROPERTY TAXES next 🔥 GOV. MIKE KEHOE: "Look at New York. People are dying to get out of what's happening in that socialist state and that socialist town now!" 💯 "Many states are looking at this policy because they've seen the growth and success of states with the no income tax policies right now." Lara Trump

Eric Daugherty

48,388 görüntüleme • 21 gün önce

Yesterday, Governor Bob Ferguson signed Washington state’s first income tax into law. Voters rejected an income tax as recently as 2010. In 2024 they went further — passing Initiative 2111, which explicitly banned the state from enacting one. Democrats amended that ban and passed it anyway. 51-46 in the House. 27-22 in the Senate. Senate Bill 6346 imposes a 9.9% tax on household income above $1 million. The bill includes a “necessity clause” that blocks a public referendum. Opponents cannot put repeal to a vote. The Washington State Supreme Court ruled in 1933 that income is property and must be taxed uniformly. That precedent has stood for 93 years. Democrats didn’t pursue a constitutional amendment. Instead they redefined the tax as a levy on the “receipt” of income — not income itself — and are relying on a current court to accept the distinction. A lawsuit was filed the same day Ferguson signed it. Washington was already ranked 45th in state tax competitiveness. New Jersey introduced its income tax in 1976 with a 2.5% top rate. It is now 10.75%. Two years ago voters banned the income tax. Democrats wrote an exception into that ban, shielded it from referendum, and signed it anyway.

Yesterday, Governor Bob Ferguson signed Washington state’s first income tax into law. Voters rejected an income tax as recently as 2010. In 2024 they went further — passing Initiative 2111, which explicitly banned the state from enacting one. Democrats amended that ban and passed it anyway. 51-46 in the House. 27-22 in the Senate. Senate Bill 6346 imposes a 9.9% tax on household income above $1 million. The bill includes a “necessity clause” that blocks a public referendum. Opponents cannot put repeal to a vote. The Washington State Supreme Court ruled in 1933 that income is property and must be taxed uniformly. That precedent has stood for 93 years. Democrats didn’t pursue a constitutional amendment. Instead they redefined the tax as a levy on the “receipt” of income — not income itself — and are relying on a current court to accept the distinction. A lawsuit was filed the same day Ferguson signed it. Washington was already ranked 45th in state tax competitiveness. New Jersey introduced its income tax in 1976 with a 2.5% top rate. It is now 10.75%. Two years ago voters banned the income tax. Democrats wrote an exception into that ban, shielded it from referendum, and signed it anyway.

Jake

209,451 görüntüleme • 4 ay önce

Governor Ferguson and Olympia Democrat's new Digital Ad Sales Tax took effect two weeks ago, and the uproar is getting louder as people realize just how bad these new taxes are. Fox 13's Hana Kim interviews a Seattle business owner who finally said "ENOUGH", and is shutting down his agency of 16yrs due to it no longer being profitable. EVERY lawmaker in Washington state should watch this interview as an example of what NOT to do.

Governor Ferguson and Olympia Democrat's new Digital Ad Sales Tax took effect two weeks ago, and the uproar is getting louder as people realize just how bad these new taxes are. Fox 13's Hana Kim interviews a Seattle business owner who finally said "ENOUGH", and is shutting down his agency of 16yrs due to it no longer being profitable. EVERY lawmaker in Washington state should watch this interview as an example of what NOT to do.

Future 42

10,081 görüntüleme • 10 ay önce

"It's the tradition of WA state that we don't have a state income tax," says Washington State GOP Rep. Jim Walsh . "We rely at the state level on other taxes, like property tax, sales tax and the B and O tax. These are the three legs of the tax policy stool in WA state. "Through our traditions in WA state, we are not an income tax state. And that's part of the reason that we attract innovative industry. That's the reason the great timber barons were here. That's the reason Boeing grew into an aerospace power when it was here. That's the reason that Microsoft was able to take off and Amazon after that and a whole bevy of high-tech companies in WA. "By screwing up that tradition, we not only run the risk of chasing those great companies and business off, the real risk is that the next Microsoft or Amazon will set up shop and succeed in Austin, Texas, or Orlando, Florida. That's the real risk of Governor Bob Ferguson's poorly drafted state income tax scheme." King County GOP WA Senate Republicans WA House Republicans

"It's the tradition of WA state that we don't have a state income tax," says Washington State GOP Rep. Jim Walsh . "We rely at the state level on other taxes, like property tax, sales tax and the B and O tax. These are the three legs of the tax policy stool in WA state. "Through our traditions in WA state, we are not an income tax state. And that's part of the reason that we attract innovative industry. That's the reason the great timber barons were here. That's the reason Boeing grew into an aerospace power when it was here. That's the reason that Microsoft was able to take off and Amazon after that and a whole bevy of high-tech companies in WA. "By screwing up that tradition, we not only run the risk of chasing those great companies and business off, the real risk is that the next Microsoft or Amazon will set up shop and succeed in Austin, Texas, or Orlando, Florida. That's the real risk of Governor Bob Ferguson's poorly drafted state income tax scheme." King County GOP WA Senate Republicans WA House Republicans

Washington State GOP

12,595 görüntüleme • 6 ay önce

🚨 WASHINGTON’S SOCIALIST NIGHTMARE EXPLODING! Voters are about to REPEAL the insane “Millionaires Tax” — and the rats are already fleeing the sinking ship! 💰 55% of WA business leaders say they’re eyeing the exits. Governor Bob Ferguson rammed through a brutal 9.9% tax on income over $1M… and now the wealthy are bolting to Texas, Florida, Nevada — states with NO income tax and thriving budgets! Bezos bailed in 2023. Zillow’s co-founder and ex-Starbucks CEO Howard Schultz followed. Even Starbucks is expanding in Tennessee, not Seattle! This is what “eat the rich” gets you: empty mansions, lost jobs, and a collapsing tax base. Supporters whine about “funding services” while businesses and talent vanish. ENOUGH! Washington voters have a chance in November to REJECT this failed leftist experiment. High taxes = economic suicide. Freedom and low taxes = prosperity. RT if you want EVERY state to learn this lesson! 🔥🇺🇸 #TaxRepeal #WashingtonExodus #MAGA #DrainTheSwamp #Trump2028

🚨 WASHINGTON’S SOCIALIST NIGHTMARE EXPLODING! Voters are about to REPEAL the insane “Millionaires Tax” — and the rats are already fleeing the sinking ship! 💰 55% of WA business leaders say they’re eyeing the exits. Governor Bob Ferguson rammed through a brutal 9.9% tax on income over $1M… and now the wealthy are bolting to Texas, Florida, Nevada — states with NO income tax and thriving budgets! Bezos bailed in 2023. Zillow’s co-founder and ex-Starbucks CEO Howard Schultz followed. Even Starbucks is expanding in Tennessee, not Seattle! This is what “eat the rich” gets you: empty mansions, lost jobs, and a collapsing tax base. Supporters whine about “funding services” while businesses and talent vanish. ENOUGH! Washington voters have a chance in November to REJECT this failed leftist experiment. High taxes = economic suicide. Freedom and low taxes = prosperity. RT if you want EVERY state to learn this lesson! 🔥🇺🇸 #TaxRepeal #WashingtonExodus #MAGA #DrainTheSwamp #Trump2028

CONSTITUTION X 🇺🇸

146,174 görüntüleme • 28 gün önce

"I do know a lot of people who own businesses, and I am shocked at how many are leaving. And we can say 'it doesn't matter' and 'goodbye'; it does matter. There are other companies right now, as we speak, talking about it and probably meeting about relocating out of the state." ^That is Seattle Kraken CEO Todd Leiweke, who is stepping into politics to send a warning to Olympia that they are actively chasing away Washington's economic engine. The Governor's response: a study group. It doesn't take a rocket scientist (or an 'economic council') to figure out that Gov. Ferguson signing the largest tax increases in state history, while Olympia Democrats also increased state spending during a budget shortfall, is having a negative effect on our state economy. Hana Kim | FOX 13 Seattle 'Seattle Kraken CEO warns Washington lawmakers of spending habits'

"I do know a lot of people who own businesses, and I am shocked at how many are leaving. And we can say 'it doesn't matter' and 'goodbye'; it does matter. There are other companies right now, as we speak, talking about it and probably meeting about relocating out of the state." ^That is Seattle Kraken CEO Todd Leiweke, who is stepping into politics to send a warning to Olympia that they are actively chasing away Washington's economic engine. The Governor's response: a study group. It doesn't take a rocket scientist (or an 'economic council') to figure out that Gov. Ferguson signing the largest tax increases in state history, while Olympia Democrats also increased state spending during a budget shortfall, is having a negative effect on our state economy. Hana Kim | FOX 13 Seattle 'Seattle Kraken CEO warns Washington lawmakers of spending habits'

Future 42

11,576 görüntüleme • 22 gün önce

🚨BREAKING: Democrat-controlled Senate passes multi-billion-dollar Millionaires’ Tax With a vote of 27-22, the Washington State Senate on Monday passed Senate Bill 6346, a proposal to impose a 9.9% tax on individuals earning more than $1 million annually. Three Democrat lawmakers—Sens. Adrien Cortes (D-Battle Ground), Deb Krishnadasen (D-Gig Harbor) and Drew Hansen (D-Bainbridge Island) — joined all Republicans in voting against the measure. Supporters cast the bill as a vital step toward fixing what they call a regressive tax system and funding essential services like education and health care, while critics warned it would hammer small businesses, drive away jobs, and set the stage for broader income taxes despite voters’ repeated rejections. SB 6346—also known as the “Millionaires’ Tax”— introduced by Senate Majority Leader Jaime Pedersen (D-Capitol Hill), would start with federal adjusted gross income and make adjustments to arrive at “Washington taxable income.” It excludes long-term capital gains unless already subject to the state’s capital gains tax, adds back certain state and local taxes deducted federally, and provides a $1 million standard deduction per household—adjusted for inflation from 2030—and a $50,000 charitable deduction. Non-residents of Washington state pay only on Washington-sourced income, apportioned based on activity within the state. The Millionaires’ Tax would take effect January 1, 2028, with first returns due in 2029. It exempts real estate sales, qualified family-owned small businesses, and retirement income from public pensions. Estimated to affect about 30,000 taxpayers—roughly 0.5% of households—it is expected to generate approximately $3.7 billion annually, with 5% ($175 million) dedicated to county public defense and the remainder to the general fund for education, health care, and other services. However, these monies are not earmarked for education nor health care and can be used as the legislature sees fit when it is allocated to the state’s general fund. The bill starts with federal adjusted gross income, currently excludes all long-term capital gains and losses initially, then adds back only net long-term capital gains subject to Washington’s capital gains tax (plus the standard and charitable deductions that reduced the taxable amount). Thus, real estate sales that qualify for exemption under the capital gains rules—such as qualified family-owned small businesses or residential property—remain untaxed, avoiding any undoing of exemptions. During the hearing on Feb. 6, it was revealed that although SB-6346 targets only individuals with at least $1 million in annual income, no current law can permanently bind future legislatures should a future legislature expand the tax to other income brackets. The bill now heads to the House for vote. 🎬Source: TVW

🚨BREAKING: Democrat-controlled Senate passes multi-billion-dollar Millionaires’ Tax With a vote of 27-22, the Washington State Senate on Monday passed Senate Bill 6346, a proposal to impose a 9.9% tax on individuals earning more than $1 million annually. Three Democrat lawmakers—Sens. Adrien Cortes (D-Battle Ground), Deb Krishnadasen (D-Gig Harbor) and Drew Hansen (D-Bainbridge Island) — joined all Republicans in voting against the measure. Supporters cast the bill as a vital step toward fixing what they call a regressive tax system and funding essential services like education and health care, while critics warned it would hammer small businesses, drive away jobs, and set the stage for broader income taxes despite voters’ repeated rejections. SB 6346—also known as the “Millionaires’ Tax”— introduced by Senate Majority Leader Jaime Pedersen (D-Capitol Hill), would start with federal adjusted gross income and make adjustments to arrive at “Washington taxable income.” It excludes long-term capital gains unless already subject to the state’s capital gains tax, adds back certain state and local taxes deducted federally, and provides a $1 million standard deduction per household—adjusted for inflation from 2030—and a $50,000 charitable deduction. Non-residents of Washington state pay only on Washington-sourced income, apportioned based on activity within the state. The Millionaires’ Tax would take effect January 1, 2028, with first returns due in 2029. It exempts real estate sales, qualified family-owned small businesses, and retirement income from public pensions. Estimated to affect about 30,000 taxpayers—roughly 0.5% of households—it is expected to generate approximately $3.7 billion annually, with 5% ($175 million) dedicated to county public defense and the remainder to the general fund for education, health care, and other services. However, these monies are not earmarked for education nor health care and can be used as the legislature sees fit when it is allocated to the state’s general fund. The bill starts with federal adjusted gross income, currently excludes all long-term capital gains and losses initially, then adds back only net long-term capital gains subject to Washington’s capital gains tax (plus the standard and charitable deductions that reduced the taxable amount). Thus, real estate sales that qualify for exemption under the capital gains rules—such as qualified family-owned small businesses or residential property—remain untaxed, avoiding any undoing of exemptions. During the hearing on Feb. 6, it was revealed that although SB-6346 targets only individuals with at least $1 million in annual income, no current law can permanently bind future legislatures should a future legislature expand the tax to other income brackets. The bill now heads to the House for vote. 🎬Source: TVW

Lynnwood Times

52,440 görüntüleme • 5 ay önce