Millionaires Tax:
A Huge Win for Washington
Millionaires Tax:
A Huge Win for Washington
√ Only Those Earning Over $1 Million a Year Will Pay
√ 99.5% Percent of Washingtonians Will Pay Nothing
√ Cuts Taxes for Small Businesses and Working Families
√ Funds Vital Services for Our Kids
The Wealthy Pay Their Fair Share
Washington has a world-class economy and an unparalleled natural resources, and has led the nation in building a society that cares for everyone. By asking the wealthiest among us to contribute their fair share, while also reducing taxes for the middle class, working families, and small businesses, the Millionaires Tax will help support our economy, protect vital services like education, childcare and healthcare, and ensure everyone has a chance to share in all that Washington has to offer.
Making Life More Affordable for the Rest of Us
The Millionaires Tax is critical for the well-being of all Washingtonians. Under our state’s tax code, middle- and lower-income people pay a far higher proportion in taxes than millionaires for far too long. Costs for middle-class Washingtonians have been on the rise and are even higher now thanks to the Trump Administration’s cuts to programs that families depend on and unprecedented tax cuts for the wealthy.
99.5% Pay Nothing At All
More than 99.5 percent of Washingtonians will pay nothing, because only those earning over $1 million in a single year will be impacted. And of those impacted, only the portion of annual income above $1 million is taxed, meaning the first $1 million is completely exempt.
That’s It
The Millionaires Tax is only a tax on those making above one million dollars a year — That’s It.
Who Wins?
Working and Middle-Class Families Win
- Expands the Working Families Tax Credit to a total of 810,000 households, or more than 1 in 5 households in Washington
- Eliminates sales taxes for over-the counter medicine, diapers, hygiene and grooming products, saving families hundreds of dollars per year
Small Businesses Win
- B&O tax cut applies to the majority of WA small businesses, the biggest tax cut in state history
- Businesses with gross receipts under $300,000 will no longer pay any B&O taxes
Our Kids Win
- Free school lunch and breakfast for all students in Washington
- Funding dedicated to childcare and early learning
How does the Millionaires Tax work?
Starting in 2028, the Millionaires Tax is a 9.9% tax on dollars over $1 million. The tax does not apply to any income under $1 million. If you make one dollar over $1 million, only the one dollar is taxed.
The tax does not apply to selling your home or small business, and it does not apply to capital gains. It only applies to your income in a year — not your net worth or financial assets.
The funds raised will pay for tax cuts for working and middle class families and small businesses, and to protect critical services like education, healthcare, and childcare.
The Millionaires Tax is Supported by these Organizations:
AFT Washington
AFT-Washinton Retirees Chapter
APIC Yakima
Asian Counseling and Referral Service
Balance Our Tax Code
BrightSpark Early Learning Services
Building Changes
Child Care Aware of Washington
Children’s Alliance
Children’s Campaign Fund
Columbia Legal Services
Committee of Interns and Residents (CIR-SEIU)
Economic Opportunity Institute
Faith Action Network
Financial Empowerment Network
Firelands Workers United / Trabajadores Unidos
Food Lifeline
Front and Centered
Fuse Washington
Greater Spokane Action
Housing Consortium of Everett and Snohomish County
Invest in Washington Now
Khmer Community of Seattle-King County
Latino Community Fund of WA State
Love and Justice Alliance
MomsRising
Northwest Harvest
Northwest Health Law Advocates
Northwest Progressive Institute
Pacific Islander Health Board of Washington
Pacific Islander Health Board of Washington
Peace and Justice Action League of Spokane
Planned Parenthood Alliance Advocates
Pro Choice Washington
Proveedoras Unidas de Eastern Washington
PSARA (Puget Sound Advocates for Retirement Action)
Rural People’s Voice
Save the Children Action Network (SCAN)
Seattle Indivisible
SEIU 775
SEIU 925
SEIU Healthcare 1199NW
SEIU Local 49
SEIU6 Property Services NW
Sound Generations
Southwest Washington Equity Coalition
Statewide Poverty Action Network
Tech4Taxes
Thurston-Lewis-Mason Central Labor Council
Transit Riders Union
UAW Region 6
UFCW 3000
UFCW 3000
Unidos Nueva Alianza
WA Budget and Policy Center
WA People’s Privacy
WA Public Employees Association
WA State Association of Head Start and ECEAP
Wallingford Indivisible
Washington CAN
Washington Community Alliance
Washington Education Association
Washington Federation of State Employees
Washington Low Income Housing Alliance
Washington Physicians for Social Responsibility
Washington State Community Action Partnership
Washington State Labor Council, AFL-CIO
Washington State Nurses Association (WSNA)
Washington Youth Alliance
Working Washington
43rd LD Democrats