Washington state lawmakers pass income tax for millionaires
March 14, 2026
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1:32Now PlayingWashington state lawmakers pass income tax for millionaires
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as posted by the channelLawmakers in Washington state have approved a tax on those making more than a million dollars a year. The tax is expected to affect about 30,000 households in the state.
A bill that would levy a 9.9% tax on all household incomes over a million dollars has passed its final legislative hurdle and is now on its way to the governor’s desk. The tax is predicted to generate over $3 billion annually from the state’s highest earners. Senate majority leader Jamie Pedersen, who shepherded the tax through the legislature, says the money is desperately needed to support programs like childcare and education.
Several other states already have or are considering a tax on the wealthy — California is advancing a ballot measure that would tax billionaires, and Massachusetts has had an extra income tax on millionaires for the past four years. Washington's new tax would go into effect in 2029, but court challenges and a potential ballot initiative to repeal it are expected in the coming months.
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