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Governor Ferguson signs Senate Bill 6346, the “millionaire’s tax,” into law
Summary
At a bill-signing ceremony, Governor Ferguson signed Senate Bill 6346, imposing a tax on annual income above $1,000,000. Officials and community members said revenue will expand the Working Families Tax Credit, fund free K–12 meals, boost childcare and provide small-business B&O relief.
Governor Ferguson signed Senate Bill 6346, described in the event as the "millionaire's tax," into law at a bill-signing ceremony. "I'm proud to join all of you in making history today by signing into law Senate Bill 6346, the millionaire's tax," the governor said, and outlined how the measure works and how its revenue will be spent.
The governor said the tax applies only to income above $1,000,000 in a single year and does "not tax the first million dollars." He told the audience that "less than 1 half of 1% of all Washingtonians will pay tax on income over $1,000,000 in a single year." The governor framed the law as an effort to rebalance a tax system he called among the nation's most regressive and said a substantial portion…
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