OLYMPIA, Wash. — The hotly debated ‘millionaires tax’ bill will head to Gov. Bob Ferguson’s desk. The state senate passed the latest version of the bill 27 to 21 on Wednesday. Members of the house debated the bill for 24 straight hours, voting on dozens of amendments this week and sending it back to the senate.
This bill marks the first statewide income tax in Washington history.
If it’s signed, the bill would add an almost 10% income tax on anyone who makes over $1 million a year. The first million someone makes would be not be taxed by the state, but everything over that would be subject to the millionaires tax.
Lawmakers estimate the plan could generate about $3 billion that could go toward supporting working families, lowering taxes on small businesses, and eliminating sales tax on some items like diapers.
According to Gov. Bob Ferguson, the bill expands the Working Families Tax Credit to 460,000 additional households across the state and provides free breakfast and lunch for all K-12 students.
“The Millionaires’ Tax will apply to less than one half of one percent of Washingtonians, but make life affordable for millions,” Gov. Ferguson said. “I look forward to signing it.”
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