Establishing a tax on millionaires.

Summary

The bill adds a new tax on households with adjusted gross income of $1 million or higher and directs the revenue to the state’s general fund for K‑12 schools, health‑care, higher education, human services, and the working families tax credit. It also reduces certain sales, use, and business taxes and provides credits for low‑ and middle‑income families and small businesses. The measure is intended to make the tax system more progressive while protecting local government revenues through a fiscal health account.

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