Senate Bill 6346, commonly known as the “millionaire tax,” has passed the Senate with a vote of 27-22.
“Less than 1% of the state’s wealthiest households are willing to pay a millionaire’s tax. This narrow, targeted proposal would impose a 9.9% tax on income above $1 million. Households earning $1 million and less would pay no tax at all,” the bill’s sponsors describe.
The millionaires tax is expected to generate $3.7 billion annually to fund critical services such as public education, early learning and child care, health care and other services Washington families rely on, according to bill sponsors.
“Today is an important step forward,” said bill sponsor Sen. Jamie Pederson (D-Seattle). “This help is coming for Washington’s 1.1 million school children, people struggling to afford health care, and small businesses looking for help.”
Opposition Sen. Keith Wagner (R-Sedro-Woolley) said:
“Today is a dark day for Washington taxpayers,” said Wagner, R-Sedro-Woolley. “The majority has chosen to willfully ignore the clear and repeatedly expressed will of the people. For nearly a century, Washingtonians have gone to the ballot box and rejected an income tax ten times. With this bill, the majority has shown that they value their own consumer desires over the voices of the citizens they represent.”
The 60-day 2026 legislative session ends on March 12.
The bill will now go to the House of Representatives for consideration.
