Proposed 'Millionaire's Tax' Sparks Debate in Olympia

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A proposed tax that would take 9.9% of taxable income above $1 million for Washington residents has become a prominent topic of discussion and controversy in Olympia this week. The bill, which was introduced last week, has received strong opinions both for and against it, with hundreds rallying in support on Tuesday.

Why it matters

Washington has a long history of residents voting against a state income tax, so the introduction of this 'millionaire's tax' bill has sparked intense debate and scrutiny around its potential impacts and constitutionality.

The details

The proposed tax is estimated to generate $3.7 billion in annual revenue if implemented in 2029. The bill was amended on Monday before passing the Senate Ways and Means Committee, giving greater exemptions and relief to smaller-sized businesses.

• The bill was introduced last week.
• A public hearing on the bill was held on Friday.
• The bill was amended on Monday before passing the Senate Ways and Means Committee.
• Hundreds of people rallied in Olympia on Tuesday, February 10 in support of the bill.

What’s next

The bill will now move forward in the legislative process, with the potential for further amendments and debate.