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SB 6346

Establishing a tax on millionaires.

2025-2026 Regular Session Introduced by Emily Alvarado and 24 co-sponsors

Washington SB 6346 creates a new tax on millionaires to generate state revenue, currently pending committee review after public hearing.

Delivered to Governor.
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WeVote Research Nonpartisan
Bill Summary · SB 6346

Legislative bill overview

SB 6346 proposes establishing a new tax specifically targeting millionaires in Washington State. The bill is currently in the House Committee on Finance, where it recently completed a public hearing and executive session in late February 2026. Specific tax rate, exemptions, and revenue allocation details are not provided in the information available.

Why is this important

Washington is one of only a few states without a broad income tax, making this proposal potentially significant for state fiscal policy and revenue generation. The outcome could affect high-income residents' tax obligations, state funding for services, and Washington's competitive position relative to neighboring states. This represents a fundamental policy shift if enacted.

Potential points of contention

  • Constitutional concerns: Washington's state constitution has historically restricted income taxes, and legal challenges could arise regarding whether this millionaire tax falls outside those restrictions
  • Economic impact debate: Supporters argue it addresses wealth inequality and funds services; opponents contend it may discourage high earners from remaining in Washington or could reduce business investment
  • Definition and enforcement: Questions about how "millionaire" status is defined (annual income vs. net worth), enforcement mechanisms, and administrative costs remain unclear

Compiled from official sources — confirm details with the bill’s official record.

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