This Washington
Top Oregon Business, Intel, Seems A-Okay with High-Earners' Income Tax
I-1098, this year's initiative to institute a high-earners' income tax—5 percent on individuals making over $200,000 and couples making over $400,000, and 9 percent on individuals making over $500,000 and couples over $1 million—has been criticized by opponents who say it will scare off businesses.
However, the pro-1098 camp is hyping this news today, Intel is doing a $6 billion to $8 billion expansion at its operations in Oregon and Arizona.
Why is this significant? Both states have an income tax. And in fact, Oregon just bumped their rate on high-earners to 11 percent (with an effective rate of over six percent.) The effective rate on top earners in Washington State will be 4 percent.
The Economic Opportunity Institute has a study that breaks down where Washington State will fall when compared to other states with income taxes when it comes to effective rates on top-income earners. Washington would be 26 out of 44.
Arizona would rank 37th, with an effective rate just below three percent.
However, the pro-1098 camp is hyping this news today, Intel is doing a $6 billion to $8 billion expansion at its operations in Oregon and Arizona.
Why is this significant? Both states have an income tax. And in fact, Oregon just bumped their rate on high-earners to 11 percent (with an effective rate of over six percent.) The effective rate on top earners in Washington State will be 4 percent.
The Economic Opportunity Institute has a study that breaks down where Washington State will fall when compared to other states with income taxes when it comes to effective rates on top-income earners. Washington would be 26 out of 44.
Arizona would rank 37th, with an effective rate just below three percent.
