OLYMPIA, Wash. — An initiative to repeal the ‘Millionaires Tax’ has qualified for the November ballot in our state.
In March, Washington Governor Bob Ferguson signed a bill that would establish a 9.9% tax on individuals earning more than $1 million a year.
Initiative 645 is looking to reverse that decision.
On Wednesday, Washington’s Secretary of State notified Let’s Go Washington that their initiative had been certified for November’s ballot after gathering enough verified signatures.
“Today’s verification proves that Washingtonians will have their voice heard this November, no matter how hard Jamie Pedersen and Bob Ferguson worked to keep them out of the process,” said Brian Heywood, founder of Let’s Go Washington. “We are proud to lead the fight to protect families and small businesses from Olympia expanding their state income tax on all Washingtonians.”
Advocates of this measure, including the governor, have said this tax could help even the playing field where the poorer residents have a heavier proportional tax burden.
A statement from Erik Houser, a spokesperson for the ‘No on I-645’ campaign called Let’s Go Washington’s attempts to repeal the tax ‘sloppy and irresponsible.’
The Millionaires Tax will take effect on January 1, 2028, unless it is repealed. This means that the first tax returns and payments for 2028 taxable income will be due in April 2029. The state will begin collecting revenues in 2029.
This tax would be paid by around 20,000 households in our state and is predicted to generate approximately $3.5 billion per year in revenue. Some of the funds will go toward K-12 education, free school breakfast and lunch for children in Washington, low-cost childcare, and early learning programs.
A lawsuit filed by former Attorney General Rob McKenna is challenging the constitutionality of the tax. It is expected to end up in the state Supreme Court sometime in the next year.
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