Washington Gov. Bob Ferguson on Monday signed legislation creating the state’s first income tax in nearly a century, imposing a 9.9 percent levy on households earning more than $1 million a year and drawing immediate legal and political challenges from Republicans and business groups.
Senate Bill 6346, sponsored by state Sen. Jamie Pedersen, a Democrat, applies only to income above $1 million. Less than half a percent of Washington residents will pay it, according to Ferguson’s office. In the first full year of implementation, more than 41 percent of revenue will go back to Washington families and small business owners, the governor said.
“Adoption of the historic Millionaires’ Tax makes our tax system more fair, and means free meals for K–12 students, the largest tax break in state history for small businesses, eliminating the sales tax for baby diapers, and sending a check to nearly 500,000 working families to make life more affordable,” Ferguson said at a signing ceremony at the State Reception Room in Olympia….
Washington Becomes Latest Democrat-Led State to Tax Millionaires, Sparking Legal Fight
