Story perspectives

Washington's Millionaires' Tax Aims for $4 Billion Revenue

3/14/2026

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Summary

Story summary

Washington State lawmakers passed a "millionaires' tax," imposing a 9.9% income tax on earnings over $1 million, projected to generate nearly $4 billion annually.
Governor Bob Ferguson supports the bill to fund government services and address a projected budget gap of $10-12 billion.
Critics, including some Republicans, warn the tax may drive wealthy residents out of the state.
The tax will take effect in 2029, pending legal challenges, while the budget includes cuts to child care and education.

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Story summary

Washington State lawmakers passed a "millionaires' tax," imposing a 9.9% income tax on earnings over $1 million, projected to generate nearly $4 billion annually.
Governor Bob Ferguson supports the bill to fund government services and address a projected budget gap of $10-12 billion.
Critics, including some Republicans, warn the tax may drive wealthy residents out of the state.
The tax will take effect in 2029, pending legal challenges, while the budget includes cuts to child care and education.