OLYMPIA, WA (MyBellinghamNow.com) – Washington’s legislation has introduced a proposal for a so-called “millionaire’s tax” on Tuesday, Feb. 2.
SB 6346 would affect residents making over $1 million per year, instituting a 9.9% tax of their taxable income.
Gov. Bob Ferguson, though encouraging of changing the tax structure in the state, recommended many changes to the bill’s language in comments made Tuesday afternoon…
“A significant percentage of these revenues must go back into the pockets of Washingtonians,” Ferguson said. “The current proposal is not close to achieving that important objective.”
Ferguson has pushed for the money that would come from a millionaire’s tax to fund K-12 public education and supportive programs.
The governor previously said that the state has one of the most regressive tax policies in the country, where lower income residents pay a greater percentage of their income to taxes than some of the richest residents.
Washington does not have an income tax, though the capital gains tax passed by the legislature in 2021 created a 7% on sales or exchanges of long-term assets.
