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Talking TaxWe cover tax issues from Capitol Hill to the courts and the IRS. Author: Bloomberg Tax
Talking Tax, from Bloomberg Tax, is a weekly discussion of the most pressing issues facing tax and accounting professionals. Each week the podcast features discussions with lawmakers, federal regulators, lawyers, and journalists. From the courts to Capitol Hill to the IRS, Talking Tax has it covered. Language: en Genres: Business News, Government, News Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Washington's Novel Millionaires Tax Inches Closer to Reality
Wednesday, 18 March, 2026
States are struggling to make up for revenue gaps in the wake of federal cuts and President Donald Trump's tax-and-spending law. In Washington state, lawmakers have answered the challenge with a novel tax on millionaires. The legislature recently sent a bill (S.B. 6346) to Gov. Bob Ferguson (D) that would create the state's first income tax. If Ferguson signs it, which he is expected to do, individuals and households in Washington making more than $1 million a year will be subject to a 9.9% income tax. But things won't change in Washington right away. The tax will likely be challenged both in court and at the ballot box, where 10 previous attempts at an income tax have failed. Proponents of the bill say the measure helps correct the state's regressive tax structure that is heavily reliant on sales tax, while opponents say the tax will make the state less competitive. On this episode of Talking Tax, Correspondent Casey Murray discusses the politics and long path ahead for the tax. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.
