WA income tax on millionaires: Lawmakers introduce long-awaited bill
Washington lawmakers introduced the long-awaited income tax on millionaires late Monday night, marking a historic step in the decades-long debate over how the state funds its government.
The bills, HB 2724 in the House and SB 6346 in the Senate, were filed late Monday, though the full text has not yet been published on the official legislative website. KIRO Newsradio was the first news organization to report on the contents of a working draft last week, providing the earliest detailed look at the proposal.
What the WA millionaire tax would do
According to the draft reviewed by KIRO Newsradio, the legislation would impose a 9.9% tax on individual income exceeding $1 million. The tax would not apply to the first $1 million someone earns — only income above that threshold would be taxed at the 9.9% rate.
Critically, the bill would override Initiative 2111, the legislature-approved measure that banned state and local income taxes in Washington. That initiative passed with bipartisan legislative support in 2024.
https://mynorthwest.com/mynorthwest-politics/income-tax-millionaires-2/4197666?lid=oqtlv4cgioj7