Oh no! A household making $1 million a year in income might have to pay some tax on the income above that $1 million. In the example given here, the household pays $20K - my heart bleeds!
Seriously, this is fine. Vote No on I-645.
WA voters really need to understand the absurd marriage penalty baked into Governor Ferguson’s Millionaires’ tax.
Here’s a hypothetical:
Joe makes $750k a year. He lives with Ann who makes $450k a year.
Unmarried, they wouldn’t have to pay WA’s millionaires’ tax. But married, they’d have to pay nearly $20k!
And consider their neighbor Tom who makes $999k a year. He lives with his girlfriend Sue who also makes $999k a year. This couple earns nearly twice as much as Joe and Ann but won’t have to pay a penny of the millionaires’ tax.
Sure all of these incomes are high, but that’s irrelevant. This tax is inconsistent, unfair, and clearly UNconstitutional.
Please vote YES on Initiative I-645!