Establishes a tax on Washington residents with an annual adjusted gross income of $1,000,000 or more.

Washington HB2724 establishes a tax on residents with an annual adjusted gross income of $1,000,000 or more, effective January 1, 2028. The tax rate is 9.90 percent of the taxable income. The bill also includes provisions for tax credits, deductions, and exemptions, and it outlines penalties for noncompliance. The tax aims to rebalance the tax system by reducing taxes on consumers and businesses and exempting certain household items from the retail sales tax. The bill further intends to limit the tax to the wealthiest one-half of one percent of households in the state.

Establishes a tax on Washington residents with an annual adjusted gross income of $1,000,000 or more.

Washington HB2724 establishes a tax on residents with an annual adjusted gross income of $1,000,000 or more, effective January 1, 2028. The tax rate is 9.90 percent of the taxable income. The bill also includes provisions for tax credits, deductions, and exemptions, and it outlines penalties for noncompliance. The tax aims to rebalance the tax system by reducing taxes on consumers and businesses and exempting certain household items from the retail sales tax. The bill further intends to limit the tax to the wealthiest one-half of one percent of households in the state.