Seattle Times: Seattle Council to Vote Today on Income Tax on the Wealthy
media mentionThere were about 11,000 individuals in Seattle with earned annual incomes of at least $250,000 in 2015, according to U.S. Census Bureau data. The Seattle tax would cover both earned and unearned income.
“Washington has among the most regressive tax systems in the United States,” the legislation says, citing research by the Institute on Taxation and Economic Policy.
In 2015, Washington households with incomes below $21,000 paid 16.8 percent of their income in state and local taxes, on average, while households with income above $500,000 paid only 2.4 percent, according to the organization. Read more