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Washington State Lawmakers Pass Income Tax for Millionaires
Washington State Approves High-Income Tax
Washington state lawmakers have approved a 9.9% income tax on households earning over $1 million annually. The bill has passed its final legislative hurdle and now awaits the governor’s signature. This tax is expected to affect approximately 30,000 households in the state and is projected to go into effect in 2029. Senate majority leader Jamie Pedersen, who championed the bill, emphasized the critical need for these funds to support vital programs like childcare and education.
Revenue Projections and State Comparisons
The new high-income tax is predicted to generate over $3 billion annually, which will be allocated to public programs such as childcare and education. Other states are also considering or have already implemented taxes on the wealthy. California is advancing a ballot measure to tax billionaires, while Massachusetts has had an extra income tax on millionaires for the past four years. Washington's new tax, however, is anticipated to face challenges, including potential court challenges and a ballot initiative for repeal, in the coming months.
*Source: YouTube: NPR (2026-03-14)*
