I-1098 will lower taxes for most state residents. The average homeowner will save $111 annually in property tax. Over 80% of businesses will be exempt from the business and occupation tax (B&O) -- retail businesses with revenues up to $1 million and service businesses up to $320,000. A new tax on the wealthiest 1.2% of filers will replace lost revenues and generate an additional $1.58 billion per year.
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