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State Senate Passes 'Millionaires Tax,' Sending It to the House
The bill would raise $3.7 billion annually by taxing less than 1% of households earning over $1 million, funding education, healthcare, and public defense.
- On Monday, the Washington state Senate approved Senate Bill 6346, the 'Millionaires Tax,' imposing a 9.9% income tax on households earning more than $1 million and sent it to the House of Representatives.
- Supporters argue SB 6346 would make Washington's tax system more progressive and generate a projected $3.7 billion annually, while Republican lawmakers warn it could harm businesses and risk job losses.
- Small-Business provisions include exemptions for firms earning $300,000 or less from B&O tax and relief for businesses with gross earnings up to $600,000, according to the bill.
- With the session ending March 12, Ferguson said he supports an income tax in principle but urges more revenue for families and small businesses, saying `I appreciate the hard work from my colleagues in the Senate. The proposal is moving in the right direction. That said, as the process moves forward in the final weeks of the legislative session, we must direct significantly more revenue directly back to hardworking Washington families and small businesses owners. I look forward to our continued partnership to make our state more affordable`.
- A legal challenge and anticipated voter initiative could follow SB 6346, which targets less than 1% of households amid the state's century-long history of ballot rejections.
16 Articles
16 Articles
Slog AM: Rev. Jesse Jackson Dies, Millionaires Tax Passes State Senate, Anderson Cooper Leaving 60 Minutes
The Stranger's Morning News Roundup. by Vivian McCall Millionaires tax passes Senate: After a three hour debate, the 9.9 percent income tax on earnings over $1 million a year passed with a 27-22 vote. Three Democrats voted with Republicans. Lawmakers approved an amendment that repealed part of our sales tax, but didn’t approve a tax break on baby diapers. Legalize It! “It” being smaller, cheaper elevators. The Washington State Senate approved a …
State Senate advances Millionaires Tax
Labor leaders hail passage of revenue bill that will provide sustainable funding for health care, education, and child care OLYMPIA, WA (February 17, 2026) — Washington is one step closer to righting its upside down tax code. On Monday, SB 6346 was voted off the Senate floor; the legislation will now move to the State […] The post State Senate advances Millionaires Tax appeared first on The STAND.
KHQ Right Now
NBC Right NowWashington Senate passes Millionaires Tax, some state leaders voice constitutional concerns
OLYMPIA, Wash. — What has been dubbed the Millionaires Tax, designed to provide significant funding for schools, health care and other essential services, was passed by the Washington Senate today.
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