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Washington Enacts 9.9% Income Tax on Millionaires, Farmers Concerned

4/2/2026

Summary

Story summary

Washington Governor Bob Ferguson signed March 30, 2026 income tax bill imposing a 9.9% tax on adjusted gross income over $1 million, effective January 1, 2028.
Pedersen said the bill addresses long-standing state tax issues.
The tax could affect farmers liquidating retirement equipment if they exceed $1 million.
The Washington Farm Bureau expressed concerns about unpredictable effects on agriculture.
The Farm Bureau is weighing options to challenge the tax.

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Story summary

Washington Governor Bob Ferguson signed March 30, 2026 income tax bill imposing a 9.9% tax on adjusted gross income over $1 million, effective January 1, 2028.
Pedersen said the bill addresses long-standing state tax issues.
The tax could affect farmers liquidating retirement equipment if they exceed $1 million.
The Washington Farm Bureau expressed concerns about unpredictable effects on agriculture.
The Farm Bureau is weighing options to challenge the tax.