It was deja vu all over again yesterday as supporters of Initiative 1098 heard a pep talk from Bill Gates, Sr. and picked up the very first petitions for the campaign — just like the Initiative 1077 kickoff that took place almost exactly one month ago. So what’s the difference between the two measures? And why was I-1077 refiled as I-1098?
In virtually every respect, the two measures are the same. If approved by voters, I-1098 will:
- Exempt every small business in Washington from the B&O tax with a $4,800 business tax credit;
- Reduce the state portion of the property tax by 20 percent;
- Create a modest income tax on income over $400,000 per year (for couples) or $200,000 per year (for individuals); and
- Invest the net revenue — estimated at over $1 billion per year — in education and health care.
The difference between the two measures is simply this: I-1098 adds language that ensures domestic partners are treated the same as married couples when it comes to filing a single or joint return for the new state income tax. And since adding language to a ballot measure effectively makes it a new initiative, Washington State requires the initiative to be refiled and assigned a new number by the state attorney general’s office.
Looking for more information about Initiative 1098? Visit the Economic Opportunity Institute website.
More To Read
April 17, 2024
2023-24 Impact and Gratitude Report
Reflecting on a year of progress and transition at EOI
April 12, 2024
Welcoming our New Executive Director, Rian Watt!
EOI is excited to begin its next chapter under new leadership
April 4, 2024
Is There a Valid Argument Against Cost-Free College in Washington?
Cost-free college is a meaningful investment that would change lives. What's stopping Washington from making it happen?