Vote NO on I-645 Repealing the Millionaires Tax
Washington is facing a historic budget deficit. Historically, Washington has relied on slashing state services to address budget imbalances. We need a way to balance our budget before it’s balanced on state employees’ backs once again.
Currently, the wealthy do not pay their fair share in taxes: Low-income Washingtonians pay up to 14% of their income in taxes while the wealthiest pay just 4%.
The Millionaire’s Tax invests in Washingtonians and balances our unfair tax code so the 1% can finally start paying their fair share.
In November, there will be a ballot measure (I-645) to Repeal the Millionaire’s Tax. WFSE members have endorsed a NO vote on this measure. Below is information about how the Millionaire's Tax will and will not impact you.
what's in the bill:
Expands the Working Families Tax Credit so that over 1 million more are eligible to receive up to $1300 in sales tax refunds. 1 (p.6, sec 202)
Eliminates all sales taxes for diapers, medication, and hygiene and personal care items like deodorant. 1 (p.5, sec 905)
Small businesses making less than $250,000/year will no longer pay B&O taxes.1 (p.67, sec. 910, ¶ 5)
Free school lunch and breakfast for all students in Washington.1 (p.2, sec 1, ¶ 2)
Guarantees tax dollars for childcare and early learning.1 (p.2, sec 1, ¶ 5)
The Millionaires Tax will raise $3 billion each year for childcare, health care, and education all while lowering taxes for working families and small businesses. 2
what's not in the bill:
An income tax on 99.5% of Washingtonians.
Only households with income aver $1 million are subject to the tax. This does not include assets like property or homes.
The rest of us - 99.5% - will never pay this tax.1 (p.3, sec 1, ¶ 9)
MYTH: You will be the next person to pay this tax; this is a slippery slope to a broad income tax.
A yes vote would cut healthcare and education to give billionaires a tax break. This tax is also indexed for inflation ' updating each October of odd-numbered years.1 (p.13, sec 316)
MYTH: All of the people who pay this tax will leave to avoid paying.
Studies show the vast majority of wealthy individuals will not move due to tax break incentives, preferring to stay in their communities and homes.
