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Washington Initiative 732 (I-732) was a ballot initiative in 2016 to levy a carbon tax in the State of Washington, and simultaneously reduce the state sales tax. It was rejected 59.2% to 40.8%. [ 1 ] The measure appeared on the November 2016 ballot . [ 2 ]
The Washington State cap and invest program was established in 2021 by the Climate Commitment Act (CCA). It combines a cap and trade system with a program to directly invest the generated revenue into addressing climate change.
Washington Initiative 732, a "tax swap" proposal to levy a tax on carbon emissions and simultaneously reduce the state's sales tax, had appeared on the ballot in the 2016 election, but failed to pass. [8] Initiative 1631 differed in that it proposed to use revenue from carbon fees to invest in projects to reduce pollution. [9]
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The tax collected more than $890 million in revenue in its first year, [23] significantly exceeding the approximately $500 million in revenue initially projected. [24] The Department of Revenue projects the tax will bring in over $5 billion over the next 6 years. [25] Fewer than 4000 people pay the tax, [3] and 85% of the revenue comes from ...
(The Center Square) – Last month, outgoing Washington state Gov. Jay Inslee proposed a 1% tax on an individual’s wealth above $100 million as part of a plan to plug a projected budget ...