Washington State Millionaires Tax Faces Debate Over Potential Expansion
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
Critics of Washington’s new millionaires tax argue that it could function as a precursor to a broader state income tax on most workers. Governor Bob Ferguson has maintained that the tax will remain focused on millionaires and pledged to veto any attempt to lower the $1 million threshold. However, State Rep. Cindy Ryu stated she supports expanding the tax to households with incomes as low as $250,000, though at a lower rate than the current 9.9% applied to millionaires.
Why it matters
The debate centers on Initiative 645, which seeks to repeal the new income tax. The potential expansion of the tax base from high-income earners to middle-income households could significantly alter state revenue projections and tax policy.
Who's involved
- Bob FergusonGovernor of Washington State, who has pledged to veto attempts to lower the tax threshold.
- stateThe state where the millionaires tax is being debated and potentially reformed.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- stateSpeculative
The state might see changes in revenue streams if the tax base expands to include households with incomes as low as $250,000.
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The entities involved
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Bob Ferguson
Governor of Washington since 2025
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Seattle
city in and county seat of King County, State of Washington, United States