Published 22 days ago • loading... • Updated 21 days ago

‘Millionaires Tax’ Puts WA Farmers in a Predicament

Washington farmers are warning that the 9.9% 'Millionaire's Tax,' set for January 1, 2028, threatens to penalize essential equipment liquidations, according to the Washington Farm Bureau.
High machinery costs often force farms to gross over $1 million annually despite minimal net profits; Leanne Krainick of Krainick Dairy in Enumclaw notes tractors cost between $300,000 and $400,000, making thresholds easy to exceed.
WFD Director of Governmental Affairs Bre Elsey warns the current tax code lacks deductions for equipment sales, arguing the Legislature implemented the policy rapidly without opportunities to amend the language.
Currently, an average of two Washington state farms close every day due to financial pressures; Elsey describes this as a 'terrifying trend,' warning the new tax code exacerbates farm viability challenges.
Revenue from the measure is intended to fund free meals for K-12 schools, and the Washington State Budget and Policy Center reports the tax targets less than 1% of wealthiest households, estimated at 20,000 total.

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Kirkland Reporter

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Center

‘Millionaires tax’ puts WA farmers in a predicament

The Washington Farm Bureau says the state’s new “millionaires tax” penalizes farmers when they rapidly liquidate equipment for upgrades, debt payment, or retire.

21 days ago

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Courier-Herald

Center

Farmers aren’t millionaires, but they may be taxed anyway

The Washington Farm Bureau says the Washington state’s new “Millionaire’s Tax” penalizes farmers when they rapidly liquidate equipment for upgrades, debt payment, or retire.

22 days ago

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