The Millionaires Tax (SB 6346) has officially passed the Washington State Senate! But the work isn’t finished yet – the bill still has to make it through the House of Representatives.
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If passed, it would tax 9.9% of income over $1 million. It is estimated that the tax will be paid by only less than 1% of Washington households and will raise $3.7 billion. The proposal also repeals some sales taxes on some personal care products used by the majority of people (e.g. soaps, toothpaste, etc.).
While this new revenue will not solve this year’s budget reduction needs, it will create a longer-term, sustainable funding source that can be partially dedicated to supporting critical early learning programs.