Washington voters to decide on millionaire tax repeal

Washington voters will decide on November 3 whether to repeal a proposed 9.9% tax on annual individual income exceeding $1 million. The tax, established via Senate bill SB6346, is expected to affect approximately 20,000 to 25,000 wealthy households and generate roughly $3.5 billion in annual revenue.

Initiative 645 seeks to repeal the tax and prohibit future taxes on income, which the initiative defines broadly as any monetary gain from capital, labor, or property. Proponents of the repeal, including hedge fund manager and Let’s Go Washington PAC founder Brian Heywood, argue for maintaining the state's current lack of income tax.

Opponents of the initiative, including Jeopardy! host Ken Jennings, argue that a repeal would result in a $13 billion tax break for the wealthiest residents and lead to significant funding cuts for public schools and other essential services. Jennings and other opponents contend the current system is unfair to working families.