Washington Business Owners Fear 'Millionaires Tax' Will Expand

Seattle barber and truck company owner express concerns the new tax could eventually impact non-millionaires

Apr. 4, 2026 at 5:26pm

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Washington state's new 'millionaires tax' has business owners worried it could eventually expand to impact people who are not millionaires. Seattle barber Matt Humphrey and Steve Gordon, principal of Gordon Truck Centers, both expressed fear and trepidation over the tax, fearing it could be broadened to target regular citizens in the future.

Why it matters

The 'millionaires tax' is part of a broader debate over taxes and economic policy in Washington state. Business owners are concerned the tax could drive people and companies out of the state, harming the local economy. There are also worries the tax could set a precedent for expanding income taxes to non-millionaires.

The details

Washington state recently passed a 'millionaires tax' that imposes a 9.9% income tax on households earning more than $1 million per year. The tax applies to income above the first $1 million. It is set to take effect in January 2028, with the first payments due in April 2029. Some lawmakers opposed the tax, arguing it could easily be expanded to lower income thresholds in the future.

  • The 'millionaires tax' will take effect on January 1, 2028.
  • The first tax payments will be due in April 2029.

The players

Matt Humphrey

A Seattle barber who owns locations in Ballard and Roosevelt, and expressed anxiety over the 'millionaires tax'.

Steve Gordon

The principal of Gordon Truck Centers in Pacific, Washington, who is worried the tax will eventually affect people who are not millionaires.

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What they’re saying

“There's a lot of fear and trepidation with what's going on in our government when it comes to taxes. This new millionaire's tax is definitely going to impact us. We're afraid… they treat us a bit like an ATM when it comes to paying out taxes as a small business.”

— Matt Humphrey, Seattle Barber

“The income tax is the latest kind of battle that's happened here recently. But while they frame it as, 'It's just a tax on millionaires,' I mean that's stacked on a whole bunch of other taxes and there's nothing to keep it from expanding to regular citizens. And I think a lot of regular folks realize that what might be just for millionaires today supposedly will be coming for them later as they broaden that tax base.”

— Steve Gordon, Principal, Gordon Truck Centers

What’s next

The new 'millionaires tax' is set to take effect in January 2028, with the first payments due in April 2029. Business owners will be closely watching to see if the tax base is expanded to include non-millionaires in the future.

The takeaway

The 'millionaires tax' in Washington state has sparked concerns among business owners that the tax could eventually be broadened to impact regular citizens, not just the wealthy. This reflects a broader debate over taxes and economic policy in the state, with worries the tax could drive people and companies out of Washington.