Washington state lawmakers passed a tax on personal earnings over $1 million on Wednesday. The new tax, set at 9.9 percent annually, is projected to generate up to $4 billion each year.
The vote followed a marathon debate among lawmakers.
Proceeds from the revenue generated by the tax will go towards childcare and eliminate sales taxes.
Washington state lawmakers passed a tax on personal earnings over $1 million on Wednesday. The new tax, set at 9.9 percent annually, is projected to generate up to $4 billion each year. The revenue is earmarked for childcare and to eliminate sales taxes.
The vote followed a marathon debate among lawmakers. The high-income earners tax will alter tax obligations for affluent residents.
Proceeds from the revenue generated by the tax will go towards childcare. The tax revenue will also eliminate sales taxes.
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