Washington state lawmakers pass 'millionaire's tax'

Lawmakers in Washington state this week approved a new income tax on residents making more than $1 million and could spur other states considering similar bills to approve their proposals.

Legislators in the Democrat-led Senate on Wednesday night approved the tax, which will impose a 9.9 percent tax on earners making over $1 million per year and will fund education, prisons, universal school lunches and replace or reduce other taxes, among other things, Democratic leaders said.