{"id":4322,"date":"2026-03-11T18:33:22","date_gmt":"2026-03-12T01:33:22","guid":{"rendered":"https:\/\/senatedemocrats.wa.gov\/dhingra\/?p=4322"},"modified":"2026-04-15T13:24:12","modified_gmt":"2026-04-15T20:24:12","slug":"millionaires-tax-facts-not-myths","status":"publish","type":"post","link":"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/","title":{"rendered":"Millionaires Tax: facts not myths"},"content":{"rendered":"<p><span data-contrast=\"auto\">Dear\u00a0neighbors,\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The Washington State Legislature has taken a historic step forward in fixing our state\u2019s\u00a0nearly century-old\u00a0tax code\u00a0by\u00a0passing\u00a0the<\/span><span data-contrast=\"none\">\u00a0<\/span><a href=\"https:\/\/app.leg.wa.gov\/BillSummary\/?BillNumber=6346&amp;Year=2025&amp;Initiative=false\"><span data-contrast=\"none\">Millionaires Tax<\/span><\/a><span data-contrast=\"auto\">.\u00a0\u00a0Approximately 60% of revenue collected from the tax will help fund schools, child care, health care, and other essential services.\u00a0\u00a0Approximately 40% the Millionaires Tax revenue will go toward tax reductions (more on that below!)<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This tax will be paid by less than 1% of Washingtonians and will benefit 100% of the population.\u00a0 The 9.9% tax applies only to annual earnings\u00a0<\/span><u>in excess of\u00a0$1 million<\/u><span data-contrast=\"auto\">.\u00a0 So, if a household makes $1,000,500 each year, only $500 will be taxed.\u00a0 In this example, total taxes owed would be approximately $50.\u00a0 There is a standard deduction of $1 million per household, regardless of filing status.\u00a0 The $1 million deduction will be adjusted up over time for inflation.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><u>In addition to supporting our schools and healthcare, revenue will help:<\/u><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Eliminate sales tax on all diapers, personal care products, and many over-the-counter drugs.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Expand\u00a0eligibility for the\u00a0<\/span><a href=\"https:\/\/workingfamiliescredit.wa.gov\/\"><span data-contrast=\"none\">Working Families Tax Credit<\/span><\/a><span data-contrast=\"auto\">\u00a0to 460,000 additional households, including young adults and seniors.\u00a0 This will help lower-income families.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Set\u00a0aside 5% of annual tax proceeds for the<\/span><span data-contrast=\"none\">\u00a0<\/span><a href=\"http:\/\/dcyf.wa.gov\/about\/government-affairs\/fair-start-for-kids-act\"><span data-contrast=\"none\">Fair Start for Kids Act,<\/span><\/a><span data-contrast=\"none\">\u00a0which\u00a0<\/span><span data-contrast=\"auto\">increases access to early learning programs, and provides resources to support child care and early learning providers.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Provide\u00a0free breakfast and lunch for all our\u00a0public\u00a0school\u00a0children.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">This bill has the biggest tax break\u00a0in state history\u00a0for small businesses:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:1080,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Courier New&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;o&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"2\"><span data-contrast=\"auto\">Doubles the Business and Occupation (B&amp;O) credit, meaning that businesses with gross receipts under $300,000\u00a0<\/span><span data-contrast=\"auto\">will not owe<\/span><span data-contrast=\"auto\">\u00a0B&amp;O and those businesses with gross receipts up to $600,000 will receive the small business tax credit starting in 2028. With this change,\u00a0<\/span><u>about 70% of all Washington businesses will be entirely exempt from the B&amp;O tax!<\/u><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:1080,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Courier New&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;o&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"2\"><span data-contrast=\"auto\">Provides a carryforward deduction for 80%\u00a0of net operating losses\u00a0to reduce their tax liability.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:1080,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Courier New&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;o&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"2\"><span data-contrast=\"auto\">Taxable state income\u00a0under\u00a0the Millionaires Tax would include a business owner\u2019s share of pass-through business income, the same way the federal tax code is structured.\u00a0\u00a0This policy is not unique to Washington\u00a0state.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:1080,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Courier New&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;o&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"2\"><span class=\"TextRun SCXW31800931 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW31800931 BCX0\">Credit for B&amp;O tax paid by\u00a0<\/span><span class=\"NormalTextRun SCXW31800931 BCX0\">the<\/span><span class=\"NormalTextRun SCXW31800931 BCX0\">\u00a0business will result in a dollar-for-dollar credit reducing taxe<\/span><span class=\"NormalTextRun SCXW31800931 BCX0\">s<\/span><span class=\"NormalTextRun SCXW31800931 BCX0\">\u00a0owed<\/span><span class=\"NormalTextRun SCXW31800931 BCX0\">.<\/span><\/span><span class=\"EOP SCXW31800931 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:1080,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Courier New&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;o&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"2\"><span data-contrast=\"auto\">The state will provide an option in which the business pays the tax rather than the owner, which would allow these businesses to claim a federal deduction, reducing their federal tax liability, and business owners will receive a credit for tax paid on their share of pass-through business income.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Importantly, the Millionaires Tax provides a tax credit for the capital gains paid by some people.\u00a0 Sales of real estate are specifically exempted from the Millionaires Tax, just as they are from the Washington capital gains tax.\u00a0<\/span><span data-contrast=\"auto\">The tax would not apply to the equity or appraised value of a home.<\/span><span data-contrast=\"auto\">\u00a0 I<\/span><span data-contrast=\"auto\">ncome related to sales and exchanges of\u00a0long-term\u00a0capital assets exempt from Washington capital gains tax are also exempt from income tax under this act.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559685&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Once implemented, Washington will join<\/span><span data-contrast=\"none\">\u00a0<\/span><a href=\"https:\/\/taxpolicycenter.org\/briefing-book\/how-do-state-and-local-individual-income-taxes-work\"><span data-contrast=\"none\">forty-one other states\u00a0that\u00a0tax individual earnings over $1 million per year<\/span><\/a><span data-contrast=\"none\">.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The Millionaires Tax will take effect on Jan.\u00a01, 2028, so\u00a0the first tax returns and payments for 2028 taxable income will be due in April 2029.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><strong><span data-contrast=\"auto\">Will voters get a say on the tax?\u00a0<\/span><\/strong><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This bill is necessary for state government to function in a way people expect, by funding things like public education, health care, higher education and other essential government services. The state constitution specifically says that those measures in \u201csupport of the state government and its existing public institutions\u201d are not subject to referendum.\u00a0\u00a0People will still be able to gather signatures to put an initiative on the ballot to repeal the policy, and we expect people will get to weigh in on the policy at the ballot box.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The 2026 legislative session is scheduled to end Thursday.\u00a0 Please continue reaching out to my office with questions or feedback.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Sincerely,<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1385\" src=\"https:\/\/senatedemocrats.wa.gov\/dhingra\/wp-content\/uploads\/sites\/13\/2020\/01\/Dhingra-sig-purple.jpg\" sizes=\"auto, (max-width: 394px) 100vw, 394px\" srcset=\"https:\/\/senatedemocrats.wa.gov\/dhingra\/wp-content\/uploads\/sites\/13\/2020\/01\/Dhingra-sig-purple.jpg 1083w, https:\/\/senatedemocrats.wa.gov\/dhingra\/wp-content\/uploads\/sites\/13\/2020\/01\/Dhingra-sig-purple-300x57.jpg 300w, https:\/\/senatedemocrats.wa.gov\/dhingra\/wp-content\/uploads\/sites\/13\/2020\/01\/Dhingra-sig-purple-1024x195.jpg 1024w, https:\/\/senatedemocrats.wa.gov\/dhingra\/wp-content\/uploads\/sites\/13\/2020\/01\/Dhingra-sig-purple-768x146.jpg 768w\" alt=\"\" width=\"394\" height=\"75\" \/><\/span><\/p>\n<p><span data-contrast=\"auto\">Manka Dhingra<\/span><br \/>\n<span data-contrast=\"auto\">Senator, 45th Legislative District<\/span><br \/>\n<span data-contrast=\"auto\">Deputy Majority Leader\u00a0<\/span><span data-contrast=\"auto\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear\u00a0neighbors,\u00a0\u00a0 The Washington State Legislature has taken a historic step forward in fixing our state\u2019s\u00a0nearly century-old\u00a0tax code\u00a0by\u00a0passing\u00a0the\u00a0Millionaires Tax.\u00a0\u00a0Approximately 60% of revenue collected from the tax will help fund schools, child care, health care, and other essential services.\u00a0\u00a0Approximately 40% the Millionaires Tax revenue will go toward tax reductions (more on that below!)\u00a0 This tax will be paid by less than 1% of Washingtonians and will benefit 100% of the population.\u00a0 The 9.9% tax applies only to annual earnings\u00a0in excess of\u00a0$1 million.\u00a0 So, if a household makes $1,000,500 each year, only $500 will be taxed.\u00a0 In this example, total taxes owed would&#8230;<\/p>\n","protected":false},"author":53,"featured_media":4338,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"disable_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-4322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Millionaires Tax: facts not myths - Sen. Manka Dhingra<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millionaires Tax: facts not myths - Sen. Manka Dhingra\" \/>\n<meta property=\"og:description\" content=\"Dear\u00a0neighbors,\u00a0\u00a0 The Washington State Legislature has taken a historic step forward in fixing our state\u2019s\u00a0nearly century-old\u00a0tax code\u00a0by\u00a0passing\u00a0the\u00a0Millionaires Tax.\u00a0\u00a0Approximately 60% of revenue collected from the tax will help fund schools, child care, health care, and other essential services.\u00a0\u00a0Approximately 40% the Millionaires Tax revenue will go toward tax reductions (more on that below!)\u00a0 This tax will be paid by less than 1% of Washingtonians and will benefit 100% of the population.\u00a0 The 9.9% tax applies only to annual earnings\u00a0in excess of\u00a0$1 million.\u00a0 So, if a household makes $1,000,500 each year, only $500 will be taxed.\u00a0 In this example, total taxes owed would...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/\" \/>\n<meta property=\"og:site_name\" content=\"Sen. 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Manka Dhingra\",\"isPartOf\":{\"@id\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/wp-content\/uploads\/sites\/13\/2026\/03\/20260330_101934cc-scaled.jpg\",\"datePublished\":\"2026-03-12T01:33:22+00:00\",\"dateModified\":\"2026-04-15T20:24:12+00:00\",\"author\":{\"@id\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/#\/schema\/person\/466fea2688143dc3442d00ee9ca25027\"},\"breadcrumb\":{\"@id\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/#primaryimage\",\"url\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/wp-content\/uploads\/sites\/13\/2026\/03\/20260330_101934cc-scaled.jpg\",\"contentUrl\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/wp-content\/uploads\/sites\/13\/2026\/03\/20260330_101934cc-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"Governor Ferguson signs Engrossed Substitute Senate Bill No. 6346 \u2013 March 30, 2026. Relating to investing in Washington families and businesses to fund K-12 education, health care, higher education, other essential governmental services, and the working families' tax credit, and to reduce certain sales and use taxes and certain business and occupation taxes by establishing a tax on millionaires. Primary Sponsor: Sen. Jamie Pedersen\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Millionaires Tax: facts not myths\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/#website\",\"url\":\"https:\/\/senatedemocrats.wa.gov\/dhingra\/\",\"name\":\"Sen. 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Manka Dhingra","og_description":"Dear\u00a0neighbors,\u00a0\u00a0 The Washington State Legislature has taken a historic step forward in fixing our state\u2019s\u00a0nearly century-old\u00a0tax code\u00a0by\u00a0passing\u00a0the\u00a0Millionaires Tax.\u00a0\u00a0Approximately 60% of revenue collected from the tax will help fund schools, child care, health care, and other essential services.\u00a0\u00a0Approximately 40% the Millionaires Tax revenue will go toward tax reductions (more on that below!)\u00a0 This tax will be paid by less than 1% of Washingtonians and will benefit 100% of the population.\u00a0 The 9.9% tax applies only to annual earnings\u00a0in excess of\u00a0$1 million.\u00a0 So, if a household makes $1,000,500 each year, only $500 will be taxed.\u00a0 In this example, total taxes owed would...","og_url":"https:\/\/senatedemocrats.wa.gov\/dhingra\/2026\/03\/11\/millionaires-tax-facts-not-myths\/","og_site_name":"Sen. 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