Washington Senate advances millionaires tax targeting $1M+ incomes
TL;DR
The Washington Senate moved a 9.9% personal income tax on households earning more than $1 million to the House, arguing the measure would fund public defense, expand the Working Families Tax Credit, and aid small businesses, while critics warn of potential economic harm; the tax would take effect in 2028 (revenues begin in 2029) and is expected to yield about $3.4 billion annually once fully phased in, with the plan exempt from the existing prohibition on new statewide income taxes and facing continued political and legal challenges.
- Washington state Senate approves tax on personal income over $1M Washington State Standard
- ‘Millionaires tax’ clears first hurdle The Seattle Times
- Millionaires Tax passes the Senate Washington Senate Democrats (.gov)
- WATCH: Income tax bill passes WA Senate after hours of heated debate The Center Square
- Washington Senate OKs income tax on millionaires Axios
Want the full story? Read the original reporting
Read on Washington State Standard