Washington State Eyes 9.9% Millionaires Tax and Budget Crisis as Legislative Session Winds Down

Washington state's legislative session nears its close with intense debates over taxes and spending. Governor Bob Ferguson announced he will sign the revised millionaires tax, Senate Bill 6346, imposing a 9.9 percent rate on income above one million dollars starting in 2028, expected to generate three point seven billion dollars annually for schools, child care, and tax credits for working families, according to GeekWire reports. This follows 2025s record tax hikes, which a Washington Policy Center study projects will cut GDP growth by half a percent and wages by three point seven billion dollars in 2026. Top headlines include the sessions final deadline killing bills on corporate homebuying limits, medical debt interest caps, and protections for elected officials against political violence, as detailed by OPB. Housing stability measures like rent increase limits in HB1217 remain among the most viewed bills on LegiScan. The legislature, now in recess but set to reconvene soon, eyes budget sustainability with HB2487 on insurer taxes advancing to Senate Rules. Economically, the state grapples with a two billion dollar budget hole amid job cuts at major employers, while proposals repeal parts of recent sales tax expansions on services. Business leaders warn the new taxes could drive talent away, per Kiplinger analysis. In community news, education bills like free school meals gain traction via the millionaires tax, and early learning grants in SB5297 progressed earlier. Infrastructure and public safety efforts include AI grants in HB1833 and firearm purchase limits in HB1163, though many stalled. No major recent weather events reported. Looking Ahead, lawmakers return Monday for final votes, with the session ending Thursday and Ferguson set to sign key measures. Watch for supplemental budget outcomes and potential income tax tweaks amid business pushback. Thank you for tuning in, listeners. Please subscribe for more. This has been a Quiet Please production, for more check out quietplease.ai. Some great Deals https://amzn.to/49SJ3Qs For more check out http://www.quietplease.ai This content was created in partnership and with the help of Artificial Intelligence AI.