Gov. Bob Ferguson signed a new tax on high earners into law Monday, ending Washington’s run as one of the few states without an income tax on the books.
Why it matters: The tax, which won’t be imposed for nearly two years, is likely to face legal and political challenges, even as supporters say it will make the state’s tax code fairer.
Zoom in: Starting in 2028, Senate Bill 6346 will impose a 9.9% tax on annual income over $1 million.
