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 $1 million could cost 18,800 jobs and $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 $4.9 billion lower than it would otherwise be and about 7,800 fewer jobs, while state tax collections rise $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.
From ARQS Sponsored
To put numbers behind decisions like these, ARQS provides TradeHound, Website audit, Flow automation and SignDesk. In the ARQS Store, ARQS Checkers Home Edition, ARQS Checkers One-Site Licence, ARQS Flow Connect — 30-Day Starter Access are among the newest tools available.
- Market opportunity report
- Market expansion intelligence
- Customer acquisition intelligence
- Operational Intelligence
- Procurement intelligence
- Stock Intelligence
- Trading Intelligence
- Lead system
- DealWatch
- ARQS marketplace
- ARQS Travel Itinerary Pro — Personalized Trip Plan
- ARQS LogoSpark — Professional Logo Design Package
- ARQS Resume Revive — Resume Optimization
From our partners
Partner content
TownlineTownline local news and guidesLocal news, weather, events, roads and community guides for British Columbia towns.
ARQSARQS StoreAI receptionist, business automation, readiness reviews, website audits and launch packages.
ARQS GamesARQS browser gamesOriginal browser games to play at home.
ARQS InvoiceFlowInvoiceFlow Billing Control StudioInvoice-data quality analysis with an ARQS-reviewed findings summary.
AI AcademyAI Academy Year 1: FoundationsDesign controlled AI-assisted workflows for real operations.Most read
- Court halts Vancouver Aquatic Centre demolition until after civic election
- TSX gains 319 points as energy and telecom stocks lead
- Poilievre takes his tariff-free auto pact pitch to Detroit
- 'I Play Rocky' and 'Ceremony' take VIFF audience awards
- BC Conservatives take five-point lead as leaders head into only TV debate
