This bill would create a new 5% payroll tax on companies with 20 or more employees and $5M or more in business income. The tax is on each employee wage of $125,000+ paid annually. Companies with less than $7M in total wages are exempt. Employers cannot deduct the payroll tax from worker pay. The collected money goes to a new Well Washington Fund to support Medicaid, college aid, cash assistance, housing and energy programs, with a new Well Washington Fund Oversight and Accountability Board established in the bill.
