July 11, 2017

Seattle approves tax on wealthy

Reuters - Seattle's city council unanimously passed a pioneering income tax on the city's highest earners on Monday, a measure that has become a clarion call for Democrats there even though it is likely to face a swift legal challenge over violating state law.

The measure created a 2.25 percent tax rate on individuals earning above $250,000 and married couples jointly earning above $500,000. The tax will add roughly $140 million in new annual revenue and affect fewer than 20,000 residents in the city of more than 660,000, supporters say.

1 comment:

Anonymous said...

Seattle, with its socialist on the City Council, gradually increasing minimum wage to $15, and now this new income tax on the wealthy, is the leader in showing the country what the entire US must do if it is to regain the respect that it has been steadily losing in the eyes of the rest of the world.

A city with a well educated population appreciates progressive values.