On Monday, the Seattle City Council unanimously approved an income tax on wealthy residents of the city. The measure imposes a 2.25% tax on total income above $250,000 for individuals and above $500,000 for married couples filing their taxes together.
The city estimates the tax would raise about $14 million a year and cost $10 million to $13 million to implement; another $5 million to $6 million per year would be required to manage and enforce the tax.
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