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Washington State Approves 9.9% Tax on Millionaires’ Income

3/12/2026

30 5 Full Breakdown

Summary

Story summary

Washington State lawmakers passed a 9.9% income tax on earnings over $1 million.
Governor Bob Ferguson supports the measure.
The plan is projected to generate nearly $4 billion annually.
It would address a $10 billion budget gap and fund core services, including child care.
Critics, including some Republicans, warn of wealth exodus and economic impact as the bill moves to the Senate.

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Story summary

Washington State lawmakers passed a 9.9% income tax on earnings over $1 million.
Governor Bob Ferguson supports the measure.
The plan is projected to generate nearly $4 billion annually.
It would address a $10 billion budget gap and fund core services, including child care.
Critics, including some Republicans, warn of wealth exodus and economic impact as the bill moves to the Senate.