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Bill

HB 2724

Establishing a tax on millionaires.

2025-2026 Regular Session Introduced by April Berg and 35 co-sponsors

Washington bill proposes new tax on millionaires to fund state services, challenging the state's no-income-tax tradition and facing potential constitutional barriers.

First reading, referred to Finance.
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Bill Summary · HB 2724

Legislative bill overview

HB 2724 proposes establishing a new tax on millionaires in Washington State. The bill was introduced by a group of Democratic legislators and referred to the Finance Committee for initial review. Specific details about tax rates, thresholds, and revenue allocation are not provided in the basic information available.

Why is this important

Washington State currently has no income tax, making it one of nine states without one. A millionaire tax would represent a significant shift in the state's tax structure and could generate substantial revenue for state programs. This could meaningfully alter how the state funds public services like education, healthcare, and infrastructure.

Potential points of contention

  • Constitutionality concerns: Washington's state Supreme Court has previously blocked income tax proposals, ruling they violated the state constitution's ban on income taxes without voter approval; this bill may face similar legal challenges
  • Economic competitiveness: Critics argue a millionaire tax could prompt high-income earners and businesses to relocate to neighboring states without income taxes, potentially reducing the tax base
  • Implementation details unclear: The proposal's success depends heavily on undefined details—tax rate percentages, exact income thresholds, exemptions, and revenue allocation remain unspecified in available information

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

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