Story perspectives

Washington Dems Propose 9.9% Millionaires Tax for 2028

2/4/2026

Summary

Story summary

Washington state Democrats proposed a 9.9% 'millionaires tax' on income over $1 million, effective January 1, 2028, to raise $3.5 billion annually for tax relief and public services, with a committee hearing scheduled for Friday.
Governor Bob Ferguson (the governor of Washington) is skeptical, saying the plan lacks sufficient taxpayer benefits and small-business support.
The bill would expand the Working Families Tax Credit and eliminate sales taxes on essential goods.

History

Historical Context

The 16th Amendment, ratified in 1913, enabled the U.S. federal government to impose an income tax, reshaping tax policy. In 2021, Washington state Democrats proposed a 9.9% tax on incomes over $1 million, aiming to generate $3.5 billion annually for public services. This initiative reflects ongoing debates about tax equity and could influence future tax structures nationwide.

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Story summary

Washington state Democrats proposed a 9.9% 'millionaires tax' on income over $1 million, effective January 1, 2028, to raise $3.5 billion annually for tax relief and public services, with a committee hearing scheduled for Friday.
Governor Bob Ferguson (the governor of Washington) is skeptical, saying the plan lacks sufficient taxpayer benefits and small-business support.
The bill would expand the Working Families Tax Credit and eliminate sales taxes on essential goods.

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