Washington state enacts new tax on wealthy
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The Bottom Line
Washington state enacted its first income tax: 9.9 percent levy on residents earning over $1 million annually.
How This Affects You
Washington residents earning over $1 million will pay new 9.9 percent income tax; $4 billion in revenue redirected to education, healthcare, and social services.
AI Summary
Washington Gov. Bob Ferguson signed the state's first income tax on Monday, imposing a 9.9 percent annual levy on residents earning over $1 million—a "Millionaire's Tax" that passed the state legislature last Wednesday. The new tax is projected to generate $4 billion in revenue for Washington's state budget. This marks a significant shift in Washington's tax policy, as the state has historically relied on sales and property taxes rather than income taxes. The revenue is expected to address funding gaps in education, healthcare, and social services. The measure represents one of the most aggressive wealth-targeting tax policies enacted by a state in recent years.
What's Being Done
Governor Bob Ferguson signed the tax into law Monday after state legislature passed it Wednesday.
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Washington state’s ‘historic’ millionaire tax takes aim at super-rich – will it succeed?
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