Governor's statement after House passes "Millionaire's Tax"

Washington state capitol buildings
Photo courtesy Experience Olympia

OLYMPIA — Governor Bob Ferguson offered the following statement regarding the House passage of the Millionaires' Tax:

“The Millionaires’ Tax passed by the House represents historic progress in rebalancing our unfair system. It sends significant dollars back to Washington families and small businesses. 

"It expands the Working Families Tax Credit to 460,000 additional households – that’s money straight back into the pockets of working families. 

"It saves working parents money and ensures our kids are prepared to learn by funding free breakfast and lunch for all Washington K-12 students, which has been a priority of mine since I ran for governor. 

"The Millionaires’ Tax will apply to less than one half of one percent of Washingtonians, but make life more affordable for millions. I look forward to signing it.”

The legislation would impose a 9.9% levy on adjusted gross household income above $1 million a year. It would take effect January 1, 2028, with tax payments due from an estimated 21,000 filers starting in 2029.

The House debated the bill in a marathon 24-hour debate and narrowly passed it 52-46.

 
All 32nd, 46th, and 1st LD legislators voted in favor of the bill.