Senate Bill 6346, better known colloquially as ‘The Millionaires Tax,’ has passed the Senate in a 27-22 vote.
“Less than 1% of the wealthiest households in the state would pay the Millionaires Tax. The narrow, targeted proposal would levy a 9.9% tax on income above $1 million. Households with incomes of $1 million and below would pay nothing,” the bill’s sponsors describe.
It’s estimated the Millionaires Tax would generate $3.7 billion annually, which will fund critical services like public education, early learning and child care, health care, and other services Washington families rely on, according to bill sponsors.
“Today was a momentous step forward,” said bill sponsor Sen. Jamie Pedersen (D-Seattle). “For Washington’s 1.1 million school kids, people struggling to afford health care, and small businesses looking for help, that help is on the way.”
In opposition, Sen. Keith Wagoner (R-Sedro-Woolley), said:
“Today is a dark day for the taxpayers of Washington,” said Wagoner, R-Sedro-Woolley. “The majority has chosen to willfully ignore the clear and repeated will of the people. For nearly a century, Washingtonians have gone to the ballot box and rejected an income tax 10 separate times. By passing this bill, the majority has signaled that they value their own appetite for spending more than the voices of the citizens they represent.”
The 60-day 2026 legislative session ends March 12.
The bill will now to to the House for consideration.
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