How will the Millionaires Tax benefit you?
Take our quick survey to find out what's in WA's new Millionaires Tax for you and your family.
We want to hear from you. We’re celebrating the Millionaires Tax because it’s a huge win - it’s a step forward for tax justice in Washington and it will have significant tangible impacts on our daily lives. Take this quick survey to learn more about how the Millionaires Tax will benefit you - and tell us which changes you’re most excited to see!
More about the Millionaires Tax
WORKING FAMILIES TAX CREDIT
The Working Families Tax Credit is a tax refund that helps Washington workers, and their families get more money back at tax time. The refund returns a portion of sales tax paid each year and is modeled after the federal Earned Income Tax Credit program.
Revenue from the Millionaires Tax will more than double the number of people and families who can claim the WFTC, which could be up to $1,330 per year depending on household size. By raising the income eligibility threshold, the Millionaires Tax will allow almost more than 1 million additional Washingtonians, including 352,000 children, to access this direct cash benefit.
HEALTHCARE
Washington’s Apple Health (Medicaid) program is funded with general fund dollars, and over half of the revenue from the Millionaires Tax goes to the general fund.
Protecting and expanding our health care safety net is a pressing priority as hundreds of thousands of Washingtonians are losing eligibility for health insurance or premium tax credits due to federal cuts and other policy changes.
Medicaid is a critical safety net for many Washingtonians and Washington state hospitals, especially rural hospitals, providing stability to ensure patients in less populated and remote areas can get the care they need. Medicaid cuts passed in the “One Big Beautiful Bill” put rural hospitals and people using Medicaid at risk of having to cut vital services or even closing entirely.
The Millionaires Tax will help fill these critical healthcare funding gaps.
EDUCATION
More than half of the revenue from the Millionaires Tax will be directed to the state’s general fund, which pays for Washington’s core public services. Almost half of the general fund goes to public schooling and higher education.
In fact, The Millionaires Tax will fund free breakfast and lunch for all K-12 students. Free school meals have been estimated to save an average Washington family over $1,300 per year.
CHILD CARE
Five percent of the Millionaires Tax revenue will be allocated to the Fair Start for Kids account, which funds child care subsidies for low income families and promotes greater access to high-quality child care and early education by investing in providers and program development. Child care prices are increasing at a rate that is unsustainable for most working families. Previous lack of designated funding has meant delayed expansions to this essential program. If expanded to previously promised levels, this revenue could lower parents’ child care costs significantly.
SALES TAX
The Millionaires Tax cuts sales tax on essential products. Sales tax will no longer be charged on diapers, certain over-the-counter medications, and personal care products including soaps, cleaning solutions, shampoo, toothpaste, mouthwash, antiperspirants, and sunscreen.
SMALL BUSINESS
The vast majority of small business owners will not pay the Millionaires Tax, and many small businesses will benefit from tax breaks. Businesses with gross receipts up to $250,000 will no longer pay any B&O taxes and those businesses with gross receipts up to $600,000 will receive the small business tax credit starting in 2028.