Voters on Vashon, like those across the state, face a historic opportunity. At last, we get the chance to begin to redress one of the state’s greatest public policy failures — its remarkably regressive tax system.

By some measures, the state ranks 46 out of 50 when it comes to the fairness of our tax structure. The middle class, by a significant measure, shoulders more of the tax burden than the rest of the state’s residents, especially its wealthiest.

Initiative 1098, a measure on the Nov. 3 ballot, attempts to create a more level playing field.

If passed, the proposal — championed by Bill Gates, Sr. — would create a 5 percent tax rate on annual taxable earnings exceeding $200,000 for individuals and $400,000 for couples and a 9 percent tax rate on earnings of more than $500,000 for individuals and $1 million for couples. In other words, only the amount above those base levels would get taxed — meaning a person who makes $225,000 would face a 5 percent tax on $25,000.

The measure also curtails one of the state’s most flawed taxes — the business-and-occupation tax on gross receipts, a tax businesses have to pay even if they lose money in the course of a year. Some 118,000 businesses would become exempt under the proposal, according to the Seattle Times.

Finally, it would reduce the state’s portion of our property taxes by 20 percent, providing a small measure of relief to tens of thousands of property owners who have watched their tax bills climb over the years.

At the same time, this proposal would bring much-needed revenue to the state — $11.15 billion over the next five years — all of which would go toward supporting two of the state’s most vital services: public education and health care.

Those who oppose the measure see it as the camel’s nose in the tent — the first step toward a statewide income tax. It’s a completely facetious argument. Initiative 1098 is carefully construed as a kind of excise tax on income. The reason: A state income tax would require a change in the state Constitution — not an easy matter.

They also see it as fundamentally unfair, requiring only one small segment of the population — an estimated 38,400 filers — to shoulder this new tax. But that, too, is a red herring in light of how disproportional the state’s current tax burden is.

Gates, who has been calling for a fairer tax structure ever since he chaired a blue-ribbon panel on the issue more than a decade ago, has given us an opportunity no elected leader has been able to offer up — a chance to reshape our tax system at a time of great need.

It’s a remarkable opportunity. Vote yes on Initiative 1098.