Washington state has become the latest Democratic state to introduce a tax targeting wealthy individuals, starting from 2028. The new law, signed by Governor Bob Ferguson, will apply a 9.9% tax rate to income exceeding $1 million. The funds generated will be used for childcare programs, free school meals, working families’ tax credits, and small businesses’ tax breaks, marking the first time Washington state has imposed a state income tax.
Source: https://www.wsj.com/politics/policy/washington-state-adopts-new-tax-on-incomes-over-1-million-177baace