Seattle Approves Income Tax on the Wealthy

The Seattle City Council unanimously approved an income tax on wealthy residents Monday, a move widely expected to draw a quick legal challenge.

The measure applies a 2.25 percent tax on total income above $250,000 for individuals and above $500,000 for married couples filing their taxes together.

“Seattle should serve everyone, not just rich folks,” software developer Carissa Knipe told the council before the 9-0 vote, saying she makes more than $170,000 per year . . .

The city estimates the tax would raise about $140 million a year and cost $10 million to $13 million to set up, plus $5 million to $6 million per year to manage and enforce. (Read more from “Seattle Approves Income Tax on the Wealthy” HERE)

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