Opinion: Millionaires tax benefits businesses, communities
Businesses are more than just profit generators. They’re woven into the fabric of our communities, whether it's a place for the Little League team to get a scoop of ice cream after a big game or as a treasured shop to buy the perfect gift for your bestie’s birthday. Our storefronts are places where the community comes together.
Without our communities and customer base, our businesses would be toast. The converse is also true. In fact, our shared prosperity is inexorably linked.
When the people in Washington do well, businesses do well. And that will only happen when we all do our part.
A new proposal in Olympia asks the wealthiest people in Washington to do their part by paying a 9.9% tax on income over $1 million a year. The "millionaires tax" would apply to less than 1% of Washingtonians, about 20,000 people.
The $3 billion in revenue the millionaires tax is estimated to generate would be directed back into the public good: K-12 schools, early learning and child care programs, higher education and health care programs. It would also expand the Working Families Tax Credit, public defense services and help small businesses by increasing the business and occupation tax credit. And it takes into account payments of any capital gains tax.
Molly Moon’s Ice Cream started 18 years ago not only as a place for sweetness and connection, but also as a business that invests in its people, community and product. It doesn't give back solely through donations to nonprofits or community events. Every employee who works at least 20 hours receives free health care for themselves and their children and $1,000 per month per child toward child care costs.
Child care, specifically, is one of the biggest challenges families face. If the millionaires tax had been in place 18 years ago, the $250,000 B&O tax credit would’ve helped create more jobs at Molly Moon's and given back even more to its employees and community.
Likewise, Standard Goods customers are not millionaires. They’re hard-working Washingtonians who have little disposable income and find value in small luxuries. The stores' retail success is inextricably linked to customers' financial health. When working families have money in their pockets, Main Street thrives.
As a small business with over 40 employees across five locations, Standard Goods covers 80% of health insurance premiums, as well as matching 100% of employees’ 401k contributions, and paying its share of taxes — unlike many big Wall Street corporations.
Like most businesses, Molly Moon's Ice Cream and Standard Goods benefit from public investments: an education system that trains our workforce for the jobs that need to be filled; a child care system that supports our workers; safe roads and bridges; parks and open spaces to enjoy with families and friends; and accessible health care that’s informed by cutting-edge research.
Yet those public investments are at risk with a state budget that is regularly falling short. Washington’s tax code is an outdated relic that doesn’t support our current economy. Our communities and businesses are paying the price.
We are a few business leaders among many who understand that a business can only be as successful as the communities it serves. For too long, our communities have been undervalued and underresourced because our upside-down tax code demands low- and middle-income families pay higher rates than the wealthy. When families don’t have the resources they need, there is less money flowing to our local economy. When the basics like housing and groceries are too expensive, the special little extras are definitely out of reach.
Take it from us: Investing in the things we all need is good for our communities and our businesses. Join us in asking state lawmakers to pass the millionaires tax.
Molly Moon Neitzel is the CEO of Molly Moon’s Homemade Ice Cream. Jeff Gardner and Katherine Kang are the owners of Standard Goods.
Published in Puget Sound Business Journal on March 10th, 2026
