The proposed income tax on high earners, known as the Millionaire Tax and introduced as SB 6346, has become one of the most closely watched policy debates of the 2026 legislative session. The bill would apply a tax to income above $1 million and has prompted an unprecedented level of public engagement.
According to legislative records, SB 6346 generated more than 80,000 public sign-ins, the largest response to any bill in state history. About 61,000 of those who registered, roughly 76 percent, indicated opposition. Lawmakers scheduled approximately two hours for public testimony, leaving many of the more than 200 individuals who signed up to speak without the opportunity to do so. Despite the strong turnout, the Senate Ways and Means Committee voted on the proposal by the February 9 fiscal deadline. On February 10, the bill was placed on second reading by the Rules Committee.
The Governor has voiced support for the concept of taxing high-income earners but has also made clear that he does not support the bill in its current form. He has called for significant revisions, including a major expansion of the Working Families Tax Credit and approximately $1 billion in relief targeted to small businesses. Administration officials have framed these changes as necessary to address cost-of-living pressures while supporting economic stability.
As the debate continues, broader business sentiment provides additional context. Recent data from the Association of Washington Business shows rising concern among employers about the overall tax climate and economic competitiveness. Nearly half of surveyed business leaders reported considering relocating their personal residence out of state, and a growing share said they are more likely to expand operations elsewhere. For WR members, the discussion around SB 6346 reflects larger questions about how tax policy intersects with growth, investment, and Washington’s long-term business environment.
