Will be interesting to see the legal battle play out on this issue.
Late Monday the Seattle City Council voted unanimously in favor of a personal income tax on its top earning residents. Individuals with incomes in excess of $250,000 and those filing jointly with incomes in excess of $500,000 would be subject to a 2.25% tariff. People with incomes below those thresholds would not be affected.
Despite the city’s support, the measure will likely face legal challenges. State law prohibits a city or county from taxing “net” income, though it fails to explicitly define exactly what “net” refers to.
http://www.foxbusiness.com/politics...-tax-on-wealthy-mayor-cites-trump-agenda.html
Late Monday the Seattle City Council voted unanimously in favor of a personal income tax on its top earning residents. Individuals with incomes in excess of $250,000 and those filing jointly with incomes in excess of $500,000 would be subject to a 2.25% tariff. People with incomes below those thresholds would not be affected.
Despite the city’s support, the measure will likely face legal challenges. State law prohibits a city or county from taxing “net” income, though it fails to explicitly define exactly what “net” refers to.
http://www.foxbusiness.com/politics...-tax-on-wealthy-mayor-cites-trump-agenda.html
