Governor Bob Ferguson signed the “Millionaire’s Tax” into law. Senate Bill 6346 puts a 9.9% tax on households earning $1 million or more. The language of bill talks about funding education, health care, and more, but the funds will go straight into the general fund that can be used for a variety of purposes in the state.
The bill passed the House 51-46 and the Senate 27-21. All local legislators voted against it.
Opponents expect it to go to court. The Supreme Court has already ruled that income is property and can’t be taxed under the Washington State Constitution. Income Taxes have been put to voters 10 times in Washington history and voted down every time.
The same day the Senate passed the bill, former Starbucks CEO Howard Schultz announced he and his wife are moving to Florida.
