OLYMPIA, Wash. — The Washington state House of Representatives passed the historic Millionaires Tax on Tuesday after 24 hours of floor debate.
This bill marks the first statewide income tax in Washington history.
If approved, the bill would add an almost 10% income tax on anyone who makes over $1 million a year.
Lawmakers say the plan could generate about $3 billion that could go toward supporting working families, lowering taxes on small businesses and eliminating sales tax on some items.
According to Gov. Bob Ferguson, the bill expands the Working Families Tax Credit to 460,000 additional households across the state and provides free breakfast and lunch for all K-12 students.
“The Millionaires’ Tax will apply to less than one half of one percent of Washingtonians, but make life affordable for millions,” Gov. Ferguson said. “I look forward to signing it.”
The bill now heads back to the Senate for consideration with the newly added amendments.
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