Report from conservative think tanks says Washington's income tax could cost 18,800 jobs
The Washington Policy Center and Buckeye Institute modelled the 9.9 per cent tax on income above $1 million.
Washington's new 9.9 per cent tax on household income above US$1 million could cost 18,800 jobs and US$8.3 billion in annual GDP by 2036, according to a report from the Washington Policy Center and the Buckeye Institute, Seattle Red reported on Monday.
The report, "Washington's Tax Gamble," models Senate Bill 6346, which Gov. Bob Ferguson signed this spring. The tax applies to income earned starting Jan. 1, 2028, with first payments due in 2029.
In 2028, the model projects state GDP US$4.9 billion lower than it would otherwise be and about 7,800 fewer jobs, while state tax collections rise US$2.6 billion. The authors acknowledge the tax will raise money.
Both organizations are free-market think tanks. Voters decide on Initiative 645 on Nov. 3, according to the report.
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