by Cynthia Stewart, Advocacy Chair Emeritus, LWV of Washington

The thorniest issue this legislative session, which pervades all others, is the revenue shortfall relative to the funding required to sustain needed services.

But Washington may be a step closer to addressing that challenge after the Senate voted on Monday to approve SB 6346, the so-called “Millionaires’ Tax.” The legislation would establish a tax on incomes exceeding $1 million annually, affecting a very small percentage of the population. An estimated 99.9% of the population would not be affected.

At present, Washington state has the second most regressive tax structure in the US, and no way exists under the current system to raise adequate revenue.

The measure now is in the House for members’ action there.

The LWVWA has made SB 6346 a top priority because it affects all other proposals with any fiscal impact, and because it is consistent with the League position on taxes: Support action to obtain a balanced tax structure that is fair, adequate, flexible, and has a sound economic effect.

The state’s revenue deficit is estimated at $2.3 billion annually, beginning in 2026. This is a result of lower than previously estimated tax revenue combined with increased costs of doing business. If passed, SB 6346 would generate significant additional revenue, estimated between $1-3 billion per biennium.

Interest in this bill has been historic, with over 80,500 people signing in either pro or con for the Feb. 6 public hearing in the Ways & Means committee.

Thank you to the League members who took the time and made the effort to sign in in support of the bill. 

⚠️ Please take one more step and thank the legislators who voted in favor of SB 6346 HERE.