"It is time to change our state's outdated, upside-down tax system. To serve the needs of Washingtonians today, to make our taxes the more fair, millionaires should contribute toward our shared prosperity."
"We have a federal government that has gone into super-villain mode, seeming to deliberately take from the poor and middle class to give to the rich. This unnecessary emergency is laying down a gauntlet for states: Will they let this suffering come to pass and, if not, how will they pay for the triage? Taxes on the best-off are not just fair but also efficient."
"Ferguson on Tuesday asked the legislature to craft a 9.9% tax on personal income over $1 million, which would revolutionize a state revenue system heavily reliant on sales and property tax."
Washington Governor Bob Ferguson proposed a 9.9% tax on personal income above $1 million to address an affordability crisis and overhaul the state revenue mix. The proposal would shift Washington away from heavy dependence on sales and property taxes toward higher taxes on the wealthiest residents. Democrats nationwide are increasingly considering higher taxes on top earners to respond to widening wealth gaps and replace federal cuts to programs like Medicaid and food assistance. Advocates argue taxing the best-off is both fair and efficient and could help states plug fiscal shortfalls caused by federal policy changes.
Read at Fortune
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