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November 2, 2010 at 8:35 PM

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Income tax initiative 1098 loses big

Posted by Richard Wagoner

An initiative that would have imposed an income tax on high-wage earners in Washington was defeated by voters Tuesday.

Initiative 1098 was losing 64-36 in early totals reported by the Washington Secretary of State. The initiative was behind in all 31 counties, including King, that have reported results so far.

It would have created a tax rate of 5 percent on annual income exceeding $200,000 for individuals and $400,000 for couples, and a 9 percent tax rate on income that tops $500,000 for individuals and $1 million for couples.

It also would have cut the state portion of everybody's property taxes by 20 percent. For a King County homeowner, that would amount to about a 4 percent reduction in the annual overall property tax bill.

I-1098 would also exempt an additional 118,000 businesses from the business-and-occupation B&O tax on gross receipts by increasing the state credit to $4,800.

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