Supporters of Washington state's impending 9.9 percent millionaire tax celebrated the state Supreme Court's unanimous ruling blocking a voter referendum on the measure. However, if proponents better understood the potential economic damage this tax is likely to inflict, they might adopt a more cautious stance.

Proponents of the income tax claim it would close Washington's estimated budget shortfall of $10 billion to $12 billion over the next four years. This budget gap is largely due to........

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