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Washington ‘Millionaires Tax’ Headed for Passage as Gov. Bob Ferguson Says He’ll Sign It
The 9.9% income tax on earnings over $1 million aims to raise $3.5 billion annually but faces delays due to demands for small-business relief and expanded tax credits.
- Senate Bill 6346, sponsored by a majority of Democratic lawmakers, would impose a 9.9% tax on earnings over $1 million, starting Jan. 1, 2028, and generate about $3.7 billion annually.
- With the governor setting conditions, lawmakers revised the proposal to include $1 billion in small-business relief and sales-tax holidays, according to Gov. Bob Ferguson, Governor of Washington.
- Alongside revenue changes, lawmakers expanded eligibility and credits for about 350,000 households under the Working Families Tax Credit, with a maximum $335 credit for single filers.
- House leaders including Speaker Laurie Jinkins, D-Tacoma, and Fitzgibbon, the House majority leader, are working hard to secure support, but passage remains uncertain as they assess votes.
- Given internal splits and opposition from tech leaders, lawmakers face headwinds as no Republicans support the bill, which may be revisited next year.
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Washington ‘millionaires tax’ headed for passage as Gov. Bob Ferguson says he’ll sign it
SEATTLE — Washington’s proposed new income tax for people earning more than $1 million a year appears headed for passage, with Gov. Bob Ferguson saying he’ll sign the latest version of the measure proposed by legislative Democrats.
The Columbian+2 Reposted by 2 other sources
Ferguson outlines his requirements for WA ‘millionaires tax’
OLYMPIA — A day after the Senate passed a revised income tax bill, Gov. Bob Ferguson on Tuesday called it a “good start” and for the first time detailed his conditions for signing it, including $1 billion in small business-tax relief and a major expansion of the state’s Working Families Tax Credit. Read more...
·Vancouver, United States
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Coverage Details
Total News Sources11
Leaning Left4Leaning Right0Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 44%
C 56%
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