Backers of Initiative 1077 say it's time to change Washington State's tax system. They argue the tax load in this state is distributed unfairly and think the way to make it more fair is an income tax aimed at high wage earners -- individuals making more than $200,000 and couple making more than $400,000. The initiative would also cut the state property tax by 20 percent or a roughly 4 to 5 percent decrease for property owners. The initiative would also increase the Business and Occupations tax credit to $4800. This is a break for small businesses. The initiative still needs to gather about 300,000 signatures and backers are reported retooling the language of the initiative so it does not discriminate against people in domestic partnerships. The initiative would not do anything to reduce the state's dependence on the sales tax, long considered the most regressive part of the state's tax system. So what do you think? Good idea or bad one?
Is it time for an income tax?
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