Lates News

After nearly a century of numerous attempts, Democrats in the state of Washington in the United States finally have a chance to pass an income tax bill - although it only applies to about 30,000 high-income earners. The proposal, which would levy a 9.9% tax on those with annual incomes exceeding $1 million, has a high likelihood of approval within the remaining 28 days of the legislative session. This move would completely change the state's revenue structure. Washington is both a shining hub of tech wealth and a rare stronghold of low-tax liberalism. Supporters argue that this is a belated correction to the over-reliance on sales tax - which places an unfair burden on low-income groups who spend a higher proportion of their income on necessities. Opponents believe that this would undermine the core values of Washington state: its low-tax environment has made it an ideal breeding ground for global renowned companies such as Microsoft, Starbucks, Costco, and Amazon. If the proposal is passed, it will end Washington state's nearly century-long stalemate on income tax legislation. Currently, only 9 states in the US do not have a personal income tax. The state's Supreme Court had overturned a voter-approved income tax bill in 1933, and since then the courts, legislators, and voters have repeatedly rejected ten related attempts.