Washington Proposes 'Millionaire's Tax' to Fund Education

Governor calls for changes to ensure more revenue goes directly to residents

Feb. 3, 2026 at 9:07pm

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Washington state legislators have introduced a proposal for a 'millionaire's tax' that would institute a 9.9% tax on the taxable income of residents making over $1 million per year. Governor Bob Ferguson has pushed for the revenue from this tax to fund K-12 public education and supportive programs, though he has recommended changes to the bill's language to ensure a 'significant percentage' of the funds go directly to Washingtonians.

Why it matters

Washington currently has one of the most regressive tax policies in the country, where lower-income residents pay a greater percentage of their income in taxes than the wealthiest. This proposed 'millionaire's tax' is an attempt to address this imbalance and generate more funding for public education and other programs that could benefit all state residents.

The details

SB 6346 would institute a 9.9% tax on the taxable income of Washington residents making over $1 million per year. Governor Ferguson has pushed for the revenue from this tax to be used to fund K-12 public education and supportive programs, though he has recommended changes to the bill's language to ensure more of the funds go directly to state residents rather than the government.

  • The legislation was introduced on Tuesday, February 2, 2026.
  • Governor Ferguson made comments about the bill on Tuesday afternoon.

The players

Bob Ferguson

The governor of Washington state who has pushed for the 'millionaire's tax' revenue to fund education and other programs, though he has recommended changes to the bill's language.

Washington State Legislature

The state legislature that introduced the proposal for a 'millionaire's tax' on Tuesday, February 2, 2026.

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What they’re saying

“A significant percentage of these revenues must go back into the pockets of Washingtonians. The current proposal is not close to achieving that important objective.”

— Bob Ferguson, Governor

What’s next

The state legislature will continue to debate and potentially amend the 'millionaire's tax' proposal in the coming weeks and months.

The takeaway

This proposed 'millionaire's tax' is an attempt by Washington state to address its regressive tax structure and generate more funding for public education and other programs that could benefit all residents, though the governor has called for changes to ensure more of the revenue goes directly to Washingtonians.