Seattle Makes History – Passes ‘Tax the Rich’ Income Tax

Seattle passed a “tax the rich” income tax by a vote of 9-0. The ordinance plans to tax those with a total income in excess of $250k (single) and $500k (joint filers) at 2.25%. Based on 2014 IRS data, the city estimates it will be able to raise approximately $125 million a year, while total cost of administering the new tax would be $10-13 million the first year, followed by an ongoing $5-6 million a year thereafter.

— source progressivearmy.com

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