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OLYMPIA, Wash. - Washington state Republicans are working to repeal the state’s first income tax, a 9.9% tax on high earners, according to a state representative.
The measure, referred to as the "millionaires tax," was approved by the Democratic-led legislature in the final hours of a 60-day session. Once signed into law, the income tax will apply to Washington residents making more than $1 million.
As of Tuesday, March 24, it has not been signed by Gov. Bob Ferguson.
What they're saying:
State Rep. and Washington GOP Chairman Jim Walsh called the proposed tax "unconstitutional" and said on Tuesday, Republican leaders are planning to repeal it.
Walsh argued the final budget leaves the state financially vulnerable, particularly because of the small reserve fund. He also criticized the new income tax as harmful to the state’s economy.
Ferguson emphasized that the tax is narrowly targeted and would apply to less than half of 1% of Washington residents, and he also acknowledged the policy will likely face legal challenges once enacted.
"There'll be a court challenge for sure," Ferguson said. "And undoubtedly, there’ll be a challenge in the court of public opinion."
What's next:
Walsh said in order to formally start the repeal process, Republican leaders will need to wait for the bill to be signed by Ferguson to become law because they need to know the final form it will take.
To bring the tax to a public vote, organizers must gather approximately 340,000 valid signatures by an early July deadline.
The Source: Information in this story came from original reporting by FOX 13 Seattle and Rep. Jim Walsh.
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