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Taking a Look at the ‘Millionaire’s Tax’ that Just Passed the Senate
The tax targets about 21,000 filers and aims to raise $3.4 billion annually for public defense, tax credits, and small-business breaks, supporters say.
- On Monday, the Washington State Senate advanced a bill to impose a 9.9% tax on income over $1 million, sending it to the House of Representatives.
- Supporters say the proposal aims to remake the tax code to generate budget dollars, with collections starting in 2029 and nearly $2.5 billion earmarked for the next budget, the State Revenue Forecast Council projects an additional $827 million through June 30, 2027.
- Applying to household income, the plan counts combined earnings of married couples and registered domestic partners, excludes home value and retirement savings, and taxes amounts above $1 million.
- After the Senate vote, lawmakers brace for ballot and court challenges as the bill now goes to the House, with three Democrats opposing it and supporters working on details.
- Longer term, projections show the tax could raise $3.4 billion annually from about 21,000 filers, despite 98% opposition from NFIB members, who warn pass-through businesses could suffer.
16 Articles
16 Articles
Ferguson: Income tax bill needs 'significantly more' relief for families, small businesses
(The Center Square) – A day after majority Democrats passed legislation on the Senate floor to create a tax on personal income of more than $1 million, Gov. Bob Ferguson told reporters the bill in its current form fails to provide enough tax relief for Washingtonians and small business owners. As reported by The Center Square, if enacted, the tax would go into effect Jan. 1, 2028, and is expected to generate $3.4 billion a year from about 21,000…
Do you support Washington’s proposed millionaire tax?
The Washington Senate passed SB 6346, known as the "Millionaires Tax," imposing a 9.9% tax on annual income over $1 million to fund education, health care, and other services; the bill now advances to the House. We want to know: do you support the "Millionaire Tax?"
Gov. Ferguson says income tax proposal on millionaires a 'good start,' but wants more tax relief
OLYMPIA – Gov. Bob Ferguson said Tuesday that the current legislation to impose a state income tax on millionaires is a “good start,” but called on lawmakers to devote more of the revenue to direct tax breaks and relief for residents.
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