Conventional wisdom says that an income tax measure would not stand a snowball’s chance in hell of passing Washington voters at the polls. Well, it looks like conventional wisdom is about to be put to the test.
Later this morning a coalition of community leaders led by Bill Gates Sr. will announce their intention to move forward with I-1077, an initiative that would impose a high earners income tax on households earning over $400,000, while reducing the state property tax by 20 percent, and eliminating the B&O tax on many small businesses. Given the history of prior income tax initiatives you can be pretty damn sure that the decision to pursue this one wasn’t taken lightly, and that I-1077’s backers wouldn’t be making this announcement if they weren’t prepared to make a substantial commitment toward its passage.
In other words, I-1077 will qualify for this November’s ballot, and voters will have the opportunity to vote it up or down. And I intend to cover this historic campaign every step of the way.