New Initiative would offer tax cuts to the middle class
KENNEWICK, Wash. - Liberal activists are asking voters to pass a tax initiative that would cut taxes for the middle class and create a tax for the upper class.
I-1077 is a tax reform that hopes to raise $1 billion a year for education and health care. If passed in November the initiative would cut property taxes for state residents and create a high-earners income tax. Initiative spokesperson, Sandeep Kaushik says the average resident will save about $160 a year in reduced state property taxes. As for high income earners, this tax will only apply to couples making more than $400,000 a year or individuals making more than $200,000. I-1077 would also exempt 80% of businesses from the B&O tax.
"The vast majority of people in Washington state are going to get a tax cut. More than two thirds of Washington state residents live in own or occupied housing. Everyone of those people will get a tax cut. Now there will be a high earners income tax on the top 3%," said Kaushik.
But republican activist Tim Eyman is against it. He says, "I think at the end of the day it's an enormous leap of faith to think that this is actually going to go to what they say it's going to go to because initiatives can be changed after two years."
The initiative needs at least 240,000 signatures by July 2nd to qualify for the November ballot.