After 93 years and a 25-hour filibuster, Washington finally has an income tax, and billionaires are already packing their bags | Fortune
Briefly

After 93 years and a 25-hour filibuster, Washington finally has an income tax, and billionaires are already packing their bags | Fortune
"We knew it was going to be a pretty major endeavor. We've got 93 years of precedent in front of us, behind us, around us at all times on the conversation around an income tax. Washington state was originally built on an agrarian and timbered economy. We still have a tax code based on apples and cherries while building some global-leading technology every which way you throw a rock."
"Washington was one of only nine states with no income tax, and has operated on essentially the same tax structure-reliant solely on sales and business taxes-since it was built on an agrarian, timber, and shipping economy in the early 20th century. Washington last voted on an income tax in 1932, when it passed overwhelmingly, only to be struck down by the state Supreme Court a year later on the grounds that income is classified as property under the state constitution."
Washington state made history by passing a 9.9% income tax on personal income above $1 million, marking the first income tax in the state's 93-year history. The measure passed 52-46 after the longest floor debate in Washington history, lasting 25 hours and featuring over 81 Republican amendments attempting to block it. Washington was one of only nine states without an income tax, relying solely on sales and business taxes since its agrarian economy origins. The state's tax structure remained unchanged since the early 20th century, despite previous failed attempts in 1932 and 2010. The passage reflects the state's economic transformation, now home to major corporations like Amazon, Microsoft, and Boeing, while facing a projected budget deficit of $10-12 billion over four years.
Read at Fortune
Unable to calculate read time
[
|
]