Here’s what’s hidden in the initiative to repeal the WA millionaires tax

So, the fine print of I-645 repeals most of the Legislature’s income tax bill but leaves 12 crucial sections in place, including expansion of the Working Families Tax Credit; elimination of the sales taxes on diapers and other products; sections reducing the business and occupation tax on healthcare providers and wholesale food sales; and various other tax reforms.

But the Legislature meant those tax reforms to be funded by part of the new high-earners income tax — to the tune of approximately $3.7 billion through 2032. I-645’s proposed repeal of the millionaires tax would not just eliminate those new tax revenues, totaling $12.9 billion by 2032 and marked for education, healthcare and human services. The initiative would also burden the state with an extra $3.7 billion in unfunded liabilities.

Read the full story by Hugh Spitzer in The Seattle Times.