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Ferguson Backs 9.9% Tax on Income Over $1 Million in Washington

He conditions his support on directing the proceeds to targeted tax relief.

Governor Bob Ferguson gives his victory speech at the Washington State Democrats Election Night Watch Party at the Seattle Convention Center on November 05, 2024 in Seattle, Washington.
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Overview

  • The proposal would tax adjusted annual income above $1 million, affecting less than 0.5% of residents and projected to raise about $3 billion a year.
  • Revenue would not reach the state treasury until 2029, according to the governor.
  • Ferguson said proceeds must expand the Working Families Tax Credit, provide small‑business relief, bolster K–12 education, and reduce sales taxes.
  • He expects a court challenge and a likely voter referendum if the measure passes, though he expressed confidence the levy would be upheld.
  • Republicans called the plan a nonstarter and advanced sales‑tax offsets as lawmakers head into a 60‑day session starting Jan. 12 to consider the measure.