Trending Now - Wealth Tax Debates Intensify Amid Rising Inequality in NY

WHO:

Chuck Collins, a founding member of the group Patriotic Millionaires, advocates for higher taxes on the ultra-rich.

Colin Hathaway, a millionaire businessman in Washington, expressed concerns about the proposed tax.

Gov. Bob Ferguson stated, “It’s not too often in this line of work that you have a vote that’s truly historic, and by any definition, that’s what this was.”

Rep. April Berg, D-Mill Creek, chair of the House Finance Committee, emphasized the need for “structural tax reform, foundational tax reform.”

Howard Schultz, former Starbucks chief executive, announced his move from Seattle to Florida.

Washington Governor Bob Ferguson

State House Speaker Laurie Jinkins

Rep. April Berg, D-Mill Creek, Chair of the House Finance Committee

Rep. Matt Marshall, R-Eatonville

Rep. Jeremie Dufault, R-Selah

Rep. Stephanie Barnard, R-Pasco

Rep. Sharon Wylie, D-Vancouver

Former Washington Attorney General Rob McKenna

House Minority Leader Drew Stokesbary, R-Auburn

WHAT:

The Washington state House approved a state income tax on individuals earning more than $1 million a year on March 10th, 2026.

The tax is set at 9.9% on income above the $1 million threshold, projected to generate billions for state services.

The tax is expected to affect 20,000 to 30,000 households, with collections beginning in 2029.

The tax is projected to generate approximately $4 billion annually, with a 5% portion allocated for early education and child care.

The legislation will expand the state’s Working Families Tax Credit, making 460,000 households eligible for annual rebates of up to $1,300.

The House vote on the millionaires tax bill was 51-46, with eight Democrats joining all Republicans in opposition.

The tax will apply to an estimated 20,000 to 30,000 households in Washington state, with collections beginning in 2029.

The tax is projected to generate approximately $4 billion annually, with a 5% portion allocated for early education and child care.

The bill includes provisions to exempt more businesses from the state’s business and occupation tax and eliminate the sales tax on diapers and personal hygiene products.

Schultz's net worth is reported to be $6.6 billion according to the Bloomberg Billionaires Index.

Schultz purchased a penthouse in Florida for approximately $44 million, which includes five bedrooms and a rooftop terrace in a 5,500-square-foot space.

The Washington state House of Representatives passed the "millionaires tax" bill after a 24-hour debate, which is now set to return to the Senate for confirmation.

The House vote on the millionaires tax occurred on March 10th, 2026, at approximately 6 p.m.

Eight Democrats joined all Republicans in opposing the tax during the final House vote.

The tax is projected to generate approximately $4 billion annually, with most of the revenue allocated to the state’s general-fund budget.

The tax will apply to an estimated 20,000 to 30,000 households in Washington state.

The bill includes provisions to exempt more businesses from the state’s business and occupation tax and eliminate the sales tax on diapers and personal hygiene products.

The Washington state House approved a state income tax on individuals earning more than $1 million a year.

The final House vote was 51-46.

The tax is set at 9.9% on income above the $1 million threshold.

The tax is expected to affect 20,000 to 30,000 households.

Collections from the tax will begin in 2029.

The tax is projected to generate approximately $4 billion annually.

A 5% portion of the revenue will be allocated for early education and child care.

The bill includes provisions to exempt more businesses from the state’s business and occupation tax and eliminate sales tax on diapers and personal hygiene products.

The legislation will expand the state’s Working Families Tax Credit, making 460,000 households eligible for annual rebates of up to $1,300.

WHERE:

The House vote took place in Olympia, Washington.

Olympia, Washington

WHEN:

The legislative session is scheduled to adjourn on March 12th, 2026.

The House vote on the millionaires tax occurred on March 10th, 2026, at approximately 6 p.m.

The House vote occurred on March 10th, 2026, at approximately 6 p.m.

The legislative session is scheduled to adjourn on March 12th, 2026.

Schultz announced his move on March 10th, 2026.

The House vote occurred on March 10th, 2026, at approximately 6 p.m.

The legislative session is scheduled to adjourn on March 12th, 2026.

The tax will take effect in 2029.

WHY:

Supporters argue the tax will help fix inequities in the state’s tax system and provide funding for schools, health care, and child care.

Rep. April Berg stated that the state is struggling to fund vital services and is in desperate need of structural tax reform.

Supporters argue the tax will help fix inequities in the state’s tax system and provide funding for schools, health care, and child care.

Rep. April Berg stated that the state is struggling to fund vital services and is in desperate need of structural tax reform.

Schultz expressed hope that Washington state "will remain a place for business and entrepreneurship to thrive."

Supporters argue the tax will help fix inequities in the state’s tax system and provide funding for schools, health care, and child care.

Rep. April Berg stated that the state is struggling to fund vital services and is in desperate need of structural tax reform.

Supporters argue the tax will address inequities in the state’s tax system and provide funding for schools, health care, and child care.

Democrats claim the tax is necessary for structural tax reform to support state services.

HOW:

The House debate lasted over 24 hours, with lawmakers rejecting around 80 proposed amendments.

The House's approval of the tax bill is part of efforts to address a budget shortfall and fund services such as free K-12 school meals.

The House debate lasted over 24 hours, with lawmakers rejecting around 80 proposed amendments.

The tax applies only to income above the $1 million threshold, meaning a person earning $1.5 million would be taxed on the additional $500,000.

(UPDATED March 12, 2026 01:25 UTC)

In a significant move, the Washington state House approved a new income tax on individuals earning more than $1 million a year, setting the rate at 9.9% on income above that threshold, which is expected to generate around $4 billion annually for state services. The tax, which will affect between 20,000 and 30,000 households and collections will begin in 2029, also includes an expansion of the Working Families Tax Credit, making 460,000 households eligible for rebates of up to $1,300. The vote took place in Olympia last Monday after a lengthy debate that lasted over 24 hours, with supporters arguing that the tax will help address inequities in the state's tax system and provide much-needed funding for essential services.

(UPDATED March 11, 2026 23:04 UTC)

In a historic vote on March 10, 2026, the Washington House passed a millionaires tax bill with a narrow margin of 51 to 46, despite opposition from eight Democrats and all Republicans. The tax is expected to affect between 20,000 and 30,000 households, generating approximately $4 billion annually, with a portion earmarked for early education and child care, and collections set to begin in 2029. Supporters, including Rep. April Berg, argue that this tax reform is essential to address inequities in the state's tax system and to secure funding for vital services as the legislative session wraps up on March 12.

(UPDATED March 11, 2026 17:16 UTC)

Howard Schultz, the former chief executive of Starbucks, announced his move from Seattle to Florida on March 10, 2026, after purchasing a luxurious penthouse for around $44 million. His net worth is reported to be $6.6 billion, and he expressed hope that Washington state will continue to be a place where business and entrepreneurship can thrive. Meanwhile, the Washington state House of Representatives passed a "millionaires tax" bill after a lengthy debate, which will now head back to the Senate for confirmation as part of efforts to address a budget shortfall and fund essential services like free K-12 school meals.

(UPDATED March 11, 2026 11:11 UTC)

Last Monday, the House voted on a millionaires tax that is expected to generate about $4 billion annually for Washington state's general-fund budget, but the measure faced opposition as eight Democrats joined all Republicans in voting against it. The tax would impact an estimated 20,000 to 30,000 households and includes provisions to exempt more businesses from the state’s business and occupation tax while eliminating sales tax on diapers and personal hygiene products. The debate lasted over 24 hours, during which lawmakers rejected around 80 proposed amendments, highlighting the contentious nature of the discussion surrounding the need for structural tax reform to support vital services like schools and health care.

(UPDATED March 11, 2026 07:21 UTC)

In a significant move, the Washington state House approved a new income tax on individuals earning more than $1 million a year, with the final vote tally standing at 51 to 46. This 9.9% tax on income above the threshold is expected to impact between 20,000 and 30,000 households and is projected to generate around $4 billion annually, with a portion allocated for early education and child care. The legislation, which also includes exemptions for certain businesses and expands the Working Families Tax Credit, will take effect in 2029, following a lengthy debate that lasted over 24 hours and saw around 80 proposed amendments rejected.