Who Are the Millionaires Suing to Stop Our New Millionaire’s Tax?

If you’re reading The Stranger, there is a good chance you will not owe any money to the state from Washington’s new millionaire’s tax. 

Passed as a priority by the Democratic majority of the Washington State Legislature during this year’s recent short session, the tax will be paid by less than one half of one percent of Washington residents. Only those who make more than a million dollars a year in income. The first million is tax free, but every dollar after will be taxed at 9.9 percent.

Until now, Washington was one of a minority of states without any kind of state income tax, and for years held the distinction of having the most regressive tax structure in the country, meaning the poor pay a greater share of their wealth in taxes than the rich. This is an inefficient way of generating tax revenue to fund the state for the same reason bank robbers rob banks instead of libraries: they go where the money is.

Read the full article in The Stranger.