As I’ve often told friends and clients, Washington state has every tax known to man except an income tax. That may change this fall…and not in a good way.
There will be a ballot measure to add an income tax to supposedly only the highest income Washingtonians. Those who earn over $200,000 ($400,000 if married filing jointly) would pay a 5% tax; those who earn over $500,000 ($1 million if MFJ) would pay 9%. However, as noted in the Wall Street Journal the liberal-leaning Evergreen State legislature could increase the scope and rate of the tax in two years; in theory, every Washingtonian could get hit with an income tax.
I’m certain the Nevada Development Authority is rooting for the passage of Initiative 1098. We know that the unions are; the Service Employees International Union is pushing for its passage.