OLYMPIA — The state Senate gave a final sign off to a new income tax on high earners on Wednesday, sending the measure to Gov. Bob Ferguson for his signature.
The muted debate was not as dramatic — and certainly not as long — as the epic 24-hour-long fight in the state House this week over what Democrats call a “millionaires tax.”
The bill imposes a 9.9% tax on income of over $1 million a year, with the first payments due in 2029. It would raise an estimated $3 billion to $4 billion annually, helping to fund schools and other state services.
