In 'Most Regressive' State, Seattle Passes Tax on Highest Incomes

Washington state's tax system has been called the most regressive in the country, as the state collects no income tax nor do any of its cities. But Seattle is looking to change that: On Monday, its city council passed an income tax on its highest earners.

The council voted 9-0 in favor of the tax, which will apply a 2.25 percent tax on annual income over $250,000 on individuals, or $500,000 for couples filing jointly. The city estimates the tax will generate $140 million in new annual revenue.

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