Not Just California: Washington State and Illinois Eyeing Millionaire Taxes
Government
Even as billionaires flee California to escape a potential wealth tax, proposals to raise taxes on millionaires are advancing in Washington state and Illinois. Legislation to impose a new 9.9 percent tax on income above $1 million a year advanced this week in Olympia, Wash., passing the Senate Ways & Means Committee. The Evergreen State currently has a tax on capital gains and a 0.58 percent payroll tax dedicated to funding long-term care insurance, but no other tax on ordinary income. The
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