A coalition of small business associations, progressives, education and health care advocates, and notable wealthy tax reform crusaders such as Bill Gates Sr., are ready to announce an initiative campaign for I-1077, which would create a high-earners income tax

Read the full initiative—which was actually filed in March before the campaign was sure they were going ahead with it—here.

The tax would only apply to the top 3 percent of earners in Washington. The tax rate for couples making between $400,000 and $1 million would be 5 percent, as it would be for Individuals making between $200,000 and $500,000. Couples making over $1 million and individuals making over $500,000 would pay 9 percent.

Those rates are less than those in Oregon, California, and Hawaii.

As part of the initiative, the state portion of the property tax would be cut, approximately 80 percent of businesses, mainly small, would be exempted from the B&O tax and more would see a reduction in that tax.

Also imbedded in the initiative is the requirement that any proposed increase to the scope or rate of the income tax be approved via a public vote.

The approximately $1 billion that this tax would raise will be earmarked for state education and health care costs.