Washington House Advances New 'Millionaire's Tax' Proposal

The Bottom Line

Washington lawmakers have passed a bill to place a 9.9% tax on annual income over $1 million, which is expected to generate $3.5 billion each year for K-12 education. The proposal, which impacts about 20,000 taxpayers, now heads to the Governor's desk for a signature despite concerns about potential legal challenges. Supporters argue the tax will help close budget gaps, while critics worry about the impact on the state's tax structure.