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Millionaires tax (Washington state)
2026 Washington state income tax on high earners
Millionaires tax (Washington state)
The millionaires tax (officially Senate Bill 6346, also known as the millionaire tax, the millionaire's tax, and the millionaires' tax) is a Washington state law enacted by the Washington State Legislature in March 2026 and subsequently signed into law. It imposes a 9.9-percent tax on household income with a standard deduction of $1 million per year, effective January 1, 2028, with first returns and payments due in 2029. The bill cleared both chambers of the Legislature on March 12, 2026, and was sent to Governor Bob Ferguson for signature. Ferguson, who publicly endorsed the measure, indicated his intention to sign it. Ferguson signed the bill into law on March 30, 2026. Initiative 645 will appear on the November 3, 2026, ballot in an effort to repeal the millionaires tax.
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