Originally published Wednesday, April 21, 2010 at 10:11 AM
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Bill Gates Sr. leading income tax initiative
Bill Gates Sr. is leading a new initiative campaign for a state income tax on wealthier residents.
Associated Press Writer
Bill Gates Sr. is leading a new initiative campaign for a state income tax on wealthier residents.
Gates says the current state tax system is unfair, and he expects voters will approve Initiative 1077 in November. Gates is father of the Microsoft co-founder and a longtime supporter of tax overhaul.
The measure would tax the earnings of couples making more than $400,000 annually. For individuals, the tax would start at adjusted gross incomes higher than $200,000. Supporters say that represents the top 3 percent of earners in Washington.
It would also cut the state property tax by 20 percent and increase the business-and-occupation tax credit to $4,800.
Income tax measures have been attempted over the years in Washington with little success.
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