Trending Now - Washington's Millionaires Tax Bill Gains Support for Passage

WHO:

Gov. Bob Ferguson (Governor of Washington)

Rep. April Berg (Legislator involved in the amendment)

Senate Majority Leader Jamie Pedersen (D-Seattle, chief sponsor of the tax bill)

Washington state Republican Party (opposition group)

Rep. Shaun Scott (D-Seattle, supporter of maintaining a corporate tax)

WHAT:

Gov. Ferguson stated he would sign the latest version of the millionaire's tax bill (Senate Bill 6346).

The proposed income tax would be 9.9% for individuals earning over $1 million annually.

The first $1 million of income would be exempt from the tax.

The tax is projected to generate approximately $4 billion a year.

The bill includes provisions for free school breakfast and lunch for all K-12 students and dedicates 5% of tax proceeds to child care and early learning.

The bill retains a temporary tax increase on the state’s largest businesses and exempts small businesses earning $300,000 or less from the business and occupation tax.

The bill includes an anti-referendum clause to prevent a public vote on the tax.

WHERE:

Washington State

WHEN:

The governor's statement was made on Friday, March 6, 2026.

A House vote could occur as early as Monday, March 9, 2026.

The Senate passed a version of the bill in February 2026.

The tax would take effect starting in 2028.

WHY:

Ferguson emphasized the need for the bill to send a significant percentage of revenue back to Washington families and small business owners to make life more affordable.

The bill aims to address economic disparities and provide funding for essential services.

HOW:

The bill underwent revisions to expand tax breaks for families and businesses while raising taxes on wealthier residents.

The legislature intends to use tax proceeds for educational and child care initiatives.

The bill's passage is seen as a response to a motivated liberal electorate in the context of upcoming midterm elections.

On Friday, March 6, Governor Bob Ferguson announced he would sign the millionaire's tax bill, which proposes a 9.9% tax on individuals earning over $1 million annually, while exempting the first million and projecting to generate around $4 billion a year. The bill, which includes provisions for free school meals for K-12 students and dedicates funds to child care, is set to be voted on in the House as early as Monday, March 9, and will take effect in 2028 if passed. This legislation, backed by Senate Majority Leader Jamie Pedersen and supported by Rep. Shaun Scott, aims to address economic disparities and funnel revenue back to families and small businesses, while the Washington state Republican Party opposes the measure.