Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law
Summary
Washington state voters will decide whether to keep or repeal a new tax on income above $1 million, called the “millionaire tax.” The tax aims to raise money for education and healthcare, but conservative groups want to remove it, saying it could lead to more taxes on others.Key Facts
- The “millionaire tax” is a 9.9% income tax on earnings above $1 million in Washington state.
- The tax was signed into law in March 2024 and is now facing a repeal initiative on the November 2024 ballot.
- Supporters say the tax could raise about $3.5 billion yearly to fund public services like education and healthcare.
- Washington state relies heavily on sales, property, and fees for taxes and historically has not had an income tax.
- The tax targets about 20,000 of the highest-earning households in the state.
- Similar taxes exist in states like Massachusetts, Maine, New York, and Hawaii.
- Washington Governor Bob Ferguson has promised to veto any efforts to extend the tax to lower-income households.
- The tax debates in Washington reflect a long history of attempts to create a state income tax, with voters previously rejecting such measures.
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