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Washington Passes Historic 9.9% Tax on Millionaires

3/13/2026

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Summary

Story summary

The Washington Legislature has passed a historic 9.9% income tax on households earning over $1 million, expected to generate nearly $4 billion annually.
The tax will take effect in 2028, with payments beginning in 2029.
Critics, including Republicans, say it could spur a wealth exodus and be unconstitutional.
Lawmakers have approved a $79.4 billion budget that includes cuts to child care funding and relies on one-time maneuvers.

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Story summary

The Washington Legislature has passed a historic 9.9% income tax on households earning over $1 million, expected to generate nearly $4 billion annually.
The tax will take effect in 2028, with payments beginning in 2029.
Critics, including Republicans, say it could spur a wealth exodus and be unconstitutional.
Lawmakers have approved a $79.4 billion budget that includes cuts to child care funding and relies on one-time maneuvers.