Washington Legislature Passes “Millionaires Tax”

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Last night the Washington State Senate passed a bill that would create a tax on high income earners. At present,  Washington State is one of the few remaining states without an income tax. The new law would levy a 9.9% income tax, referred to as the “millionaires tax”, on earnings over $1 million. The measure passed the State Senate by a vote of 27-21 and now heads to the Governor for enactment. Coincidentally, or not, former Starbucks CEO Howard Schultz announced yesterday that he was relocating to Florida from Washington State.

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