Session Report from Sen. Salomon: The Millionaire's Tax
Friday, February 20, 2026
Rep. Lauren Davies and I are holding a telephone town hall on Tuesday February 24, 2026 at 7pm
I’d like to tell you about passing the millionaire’s tax.
Out of control economic inequality undermines something that every state and nation needs to stay strong: a united sense of identity.
I’d like to tell you about passing the millionaire’s tax.
Out of control economic inequality undermines something that every state and nation needs to stay strong: a united sense of identity.
An understanding, real and felt, that we are all in this together. As it says on every dollar bill, E Pluribus Unum. Out of many, one.
So, when those dollars flow directly to the top while hard-working people see their wages stagnate and costs and inflation skyrocket, something is wrong. We have all seen that it is no longer alarmist to say that the political stability of our nation is in question.
There are innumerable examples throughout history of societies crumbling due to severe inequality. We’ve also seen the damage caused by trying to force total equality of outcomes. It’s clear to me that we must find a workable balance.
That is why I was proud to pull SB 6346 from the Rules Committee, a tax only on millionaires, to prevent cuts to our schools and health care system and help working families avoid the crushing affordability crisis we’re seeing nationwide.
Washington’s tax structure is the second most regressive in the country. We ask most of those who can least afford it.
So, when those dollars flow directly to the top while hard-working people see their wages stagnate and costs and inflation skyrocket, something is wrong. We have all seen that it is no longer alarmist to say that the political stability of our nation is in question.
There are innumerable examples throughout history of societies crumbling due to severe inequality. We’ve also seen the damage caused by trying to force total equality of outcomes. It’s clear to me that we must find a workable balance.
That is why I was proud to pull SB 6346 from the Rules Committee, a tax only on millionaires, to prevent cuts to our schools and health care system and help working families avoid the crushing affordability crisis we’re seeing nationwide.
Today, I’m proud to say that Senate Democrats stood together to pass this critical piece of legislation.
For much of our history, we backed that philosophy up with sound economic policy to give all Americans the shot at the “American Dream.” It is only recently that we have seen that economic reality fall apart.
For much of our history, we backed that philosophy up with sound economic policy to give all Americans the shot at the “American Dream.” It is only recently that we have seen that economic reality fall apart.
With a backwards economy and tax code, our meritocracy fails to function. Right now, too many people are kept out of getting a good education and solid career simply because the cost of entry is too high.
This is unacceptable, and it is past time to address our regressive tax code, invest in the services that serve as the foundation of upward mobility, and give Washingtonians a real feeling that our economy is fair.That means investments in K-12, health care, mental health care and addiction services, community colleges and higher education, low-income tax credits, and affordable housing investments.
Washington’s tax structure is the second most regressive in the country. We ask most of those who can least afford it.
Working people feel the impact of this regressive policy. They feel it when bills come due, they feel it when they go to the store, and they feel it when they raise a family.
After nearly 100 years of backwards tax policy, this bill finally takes steps to rebalance our tax code. By creating B&O tax cuts, sales tax cuts, and property tax cuts, we are cutting taxes for Washington’s families, seniors, and small businesses. Right there in this Millionaires Tax is a suite of tax policy that puts money back in your pocket.
A new, fairer, tax code and a sustainable source of revenue for our most important programs. That is what we stand to gain from this bill.
A new, fairer, tax code and a sustainable source of revenue for our most important programs. That is what we stand to gain from this bill.
Sen. Jesse Salomon
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