OLYMPIA, Wash. — Washington Governor Bob Ferguson signed the millionaires’ tax (Senate Bill 6346) into law in a ceremony on Monday.
The bill will impose a 9.9% tax on those earning one million dollars per year or more in Washington.
“It’s been a long journey to get here, but, because of the hard work of so many folks, it’s a historic day for Washingtonians,” Governor Ferguson said.
The bill will also expand the Working Families Tax Credit, which could offer eligible families payments between $300 to $1000.
Progressive advocate group Invest in Washington Now expressed its support for the tax.
“After more than a decade of advocacy for tax fairness, we have finally turned a corner on fixing Washington’s upside-down tax code,” board member Larry Delaney said.
Some Republican lawmakers have called the tax ‘unconstitutional,’ and the Washington State Senate Republican Caucus is calling for a veto of the bill.
“Today is a dark day in our state’s history,” said Sen. John Braun (R-Centralia).
“Even if this tax survives the anticipated challenges and becomes law, it won’t save the taxpayers from another massive budget shortfall,” Sen Chris Gildon (R-Puyallup) said.
One group has already begun preparing a legal challenge against the bill.
The Citizen Action Defense Fund announced an upcoming suit challenging the bill’s constitutionality.
“Washington’s constitution is clear, and the courts have been equally clear for nearly a century—income is property, and progressive income taxes are unconstitutional under existing law,” Citizen Action Defense Fund’s lead counsel Rob McKenna said.
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