Washington state enacts historic millionaires’ tax
Washington Gov. Bob Ferguson signed the Millionaires’ Tax into law on March 30, 2026, creating the state’s first-ever tax on income above $1 million. Less than half of 1% of residents will pay it — but millions will benefit. The revenue funds free K-12 school meals, expands the Working Families Tax Credit to 460,000 additional households, cuts taxes for 138,000 small businesses, and invests more than $320 million in affordable childcare. After nearly a century of one of the most regressive tax structures in the country, Washington is rewriting the rules.









