I-1098 is a terrible idea. I live in WA, and I'm below the threshold so I wouldn't have to pay this tax -- yet.
The way the initiative system works in WA, the state legislature is free to make amendments after 2 years. If I-1098 passes, a simple majority vote in Olympia can change the rates & brackets.
It is going to suck even more because the tax is billed as an "excise tax" (to avoid WA state constitutional issues) so it will not be tax deductible with the IRS. 2 years from now when the brackets come down and we are all paying this tax we will be paying federal income tax on top of the excise tax unless federal and/or state law is changed.
This initiative is just going to give Olympia an excuse to avoid the difficult spending cuts that need to be made. Gov. Gregoire is leading that effort now and THAT is the right thing that must be done.