Washington Voters Win in Battle of the Billionaires

Tina Korbe / November 08, 2010

The political math was simple and should have been fool-proof: Proponents of a high-earner income tax in the state of Washington needed only a majority of voters to approve a tax on a tiny minority of their peers.

After all, Initiative 1098, which would have imposed a 5 percent tax on the adjusted gross income of individuals who earn more than $200,000 — or $400,000 for couples — and a 9 percent tax on the AGI of individuals who earn more than $500,000 — or $1 million for couples — would have affected barely more than 1 percent of the state population.

For a long time, it appeared the measure would pass. In April, support for the proposal approached 70 percent of voters, according to a poll conducted by Survey USA. Opposition to the tax was still less than 50 percent as recently as October 10, according to The Elway Poll.

But this week, more than 65 percent of Washington voters cast their ballots against I-1098. Clearly, citizens of the state saw the underlying reality that state legislators wanted them to ignore: The tax would ultimately have affected more than just high earners. (more…)