Seattle Approves New Income Tax for Wealthy Residents
BySeattle (AP) — Seattle’s wealthiest would become the only Washington state residents to pay an income tax under legislation approved by the City Council, a measure designed as much to raise revenue as to open a broader discussion about whether the wealthy pay their fair share.
The council voted unanimously Monday to impose a 2.25 percent tax on the city’s highest earners. Personal income in excess of $250,000 for individuals and in excess of $500,000 for married couples filing joint returns would be taxed.
The measure is certain to face a court challenge from opponents who call the tax proposal illegal, unconstitutional and a waste of taxpayer money. If passed, city leaders are likely to keep expanding and increasing the tax over time, they said…
Seattle Approves New Income Tax for Wealthy Residents
