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Millionaires Tax

All articles tagged with #millionaires tax

politics8 days ago•4 min saved

Washington governor backs millionaires tax with family rebates, rejects under-$1M income tax

Gov. Bob Ferguson signaled support for a 9.9% tax on income over $1 million but would not back any income tax for individuals earning less than $1 million, insisting any bill must return significant revenue to Washington families and small businesses. He urged expanding the Working Families Tax Credit, broadening essential-item sales exemptions, and adding a biannual sales-tax holiday as the millionaire’s tax progresses from the Senate to the House; he did not commit to veto scenarios and highlighted the need for affordability measures as the session nears its March 12 deadline.

via KOMO|

#millionaires-tax #politics #small-business

politics8 days ago•6 min saved

Washington Senate advances millionaires tax targeting $1M+ incomes

The Washington Senate moved a 9.9% personal income tax on households earning more than $1 million to the House, arguing the measure would fund public defense, expand the Working Families Tax Credit, and aid small businesses, while critics warn of potential economic harm; the tax would take effect in 2028 (revenues begin in 2029) and is expected to yield about $3.4 billion annually once fully phased in, with the plan exempt from the existing prohibition on new statewide income taxes and facing continued political and legal challenges.

via Washington State Standard|

#income-tax #legislation #millionaires-tax

politics21 days ago•5 min saved

Washington lawmakers push 9.9% tax on $1M+ earners to fund services

Democrats in Olympia unveiled Senate Bill 6346 proposing a 9.9% tax on household incomes above $1 million to raise about $3.7 billion annually for public education, early learning, childcare, healthcare and other services. The plan would also eliminate the sales tax on grooming products, create a small-business gross-revenue threshold exemption, expand the Working Families Tax Credit and direct 5% of revenue to counties for public safety. Gov. Jay Inslee’s office notes the proposal doesn’t go far enough for Washingtonians, while Republicans call it unconstitutional and warn of potential court challenges or voter referendum.

via king5.com|

#education-funding #income-tax #millionaires-tax

politics2 months ago•4 min saved

Ferguson Advocates for Millionaires' Tax to Reform WA's Tax System

Washington Governor Bob Ferguson supports a proposed 9.9% income tax on residents earning over $1 million, aiming to raise $3 billion annually starting in 2029, contingent on legal approval and voter support, with plans to use the revenue for tax credits, education, and small business relief.

via Washington State Standard|

#budget-shortfall #income-tax #legal-challenges

education2 years ago•2 min saved

"Massachusetts Millionaire's Tax Funds College Aid Expansion for 25k Students"

Massachusetts Governor Maura Healey announced that the "Millionaire's Tax" will cover tuition for approximately 25,000 state university and community college students. The tax, which applies to those with an annual income over $1 million, will add $62 million to the MASSGrant Plus program, providing funding for tuition, fees, books, and supplies for Pell Grant-eligible students. The program will also reduce costs for full-time students from families earning between $73,000 and $100,000. The initiative aims to increase access to higher education and strengthen the state's economy.

via CBS Boston|

#college-students #education #higher-education

sports2 years ago•2 min saved

Grant Williams' Trade to the Dallas Mavericks: A Taxing Decision for the Celtics

Boston Celtics forward Grant Williams is reportedly heading to the Dallas Mavericks for a $54 million contract over four years, citing the Massachusetts Millionaire's Tax as a factor in his decision. Williams explained that the tax made his earnings in Boston effectively lower than the reported amount, while the absence of such a tax in Dallas made the offer more appealing. The move has sparked discussions about the impact of the tax on the state's ability to compete and retain talent, with concerns raised about the out-migration of affluent residents.

via Boston Herald|

#boston-celtics #dallas-mavericks #grant-williams

politics2 years ago•4 min saved

Minnesota House Democrats propose tax plan with rebate checks and new tax bracket.

Minnesota House Democrats have released a $3 billion tax plan that includes one-time rebate checks of $275 per taxpayer plus more for up to three dependents, a child tax credit of up to $1,175 per child for working families, and a new "millionaires tax" on the state's highest earners. The plan creates a fifth income tax bracket of 10.85% for married couples making more than $1 million per year and individuals making $600,000. Republicans criticized the tax increases, proposing a "Give It Back" plan that would send $13 billion back to taxpayers over two years.

via CBS Minnesota|

#democrats #millionaires-tax #minnesota