Governor Ferguson Signs 9.9% Tax on Washington Millionaires Into Law

Washington House Advances New 'Millionaire's Tax' Proposal·March 11 – March 30, 2026

14 days ago

Governor Ferguson Signs 9.9% Tax on Washington Millionaires Into Law

Washington Governor Bob Ferguson signed Senate Bill 6346 into law to tax high earners. This new policy creates a 9.9 percent tax on annual income over 1 million dollars starting in 2028. The state expects the tax to raise about 3 billion dollars every year. Officials plan to use this money to pay for K-12 school meals and childcare programs. The law also removes sales taxes on diapers and personal hygiene products to help families with costs. The bill passed the state House and Senate after long debates about the state's tax system earlier in March. Although the governor signed the bill, it still faces significant legal hurdles. Opponents argue the tax may violate the state constitution. This move makes Washington one of several states recently pushing for higher taxes on wealthy residents.

Ferguson signs Washington millionaires tax, legal fight loomsWashington State's 9.9% 'Millionaires Tax' Signed Into LawWashington's new income tax faces major hurdles

Key Statements

AAxios

“Washington Governor Ferguson signs Senate Bill 6346, imposing a 9.9% tax on annual income over $1 million starting in 2028 to raise an estimated $3 billion annually.”

This confirms the bill was signed into law and provides the specific tax rate and revenue estimates.

FForbes

“Washington Governor signs a 9.9% tax on income over $1 million to fund K-12 meals and childcare while eliminating sales taxes on diapers and hygiene products.”

This highlights the specific programs the tax will fund and the accompanying tax cuts for consumers.

News

Washington State's 9.9% 'Millionaires Tax' Signed Into Law

ForbesCenter

Ferguson signs Washington millionaires tax, legal fight looms

AxiosCenter

Washington's new income tax faces major hurdles

AxiosCenter

Some states are reviving a push to tax the rich - The Boston Globe

The Boston GlobeCenter Left

Washington moves closer to major income tax change

NewsweekCenter

Washington millionaires tax clears House after marathon debate

AxiosCenter

Analysis generated by AI. Always verify with official sources.