Washington's proposed millionaire tax sparks concerns of broader levy, 'damage' to state's economy

Washington state GOP Chairman Jim Walsh is pushing back against Gov. Bob Ferguson's proposed "millionaire tax," warning that it could affect more than the state's wealthy residents.

The millionaire’s tax was proposed in late December when Ferguson announced his support for a new 9.9% income tax on residents earning over $1 million per year ahead of the 2026 legislative session. It doesn't include people whose net worth reaches that amount based on the value of their home, for instance.

Ferguson's...