Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Intelligence Network • Data Science • AI Research • World News
Published: 2026-10-07T11:19:45.774Z • Permanent link

Renowned billionaire investor, Sam Bankman-Fried, has been leading the charge against the Washington state's 9.9% millionaire tax, a move that has garnered significant attention from the financial community. Bankman-Fried, who has been vocal about his opposition to the tax, has been joined by other high-net-worth individuals, including hedge fund manager Ray Dalio. The initiative, which aims to overturn the tax, has been gaining momentum, with many prominent figures and organizations weighing in on the issue. According to data from the Institute on Taxation and Economic Policy, the tax is expected to generate $1.4 billion in revenue for the state over the next decade.

The push to repeal the millionaire tax has been gaining traction, with several prominent groups, including the American Enterprise Institute and the Tax Foundation, coming out in support of the effort. The initiative, which is set to be voted on by Washington state voters in November, has sparked a heated debate about the merits of the tax and its impact on the state's economy. According to a report by the Economic Policy Institute, the tax is expected to disproportionately affect high-income individuals, who will face a 9.9% tax rate on earnings above $1 million.

In a significant development, the state of Washington has announced that it will not appeal a court ruling that blocked the implementation of the millionaire tax. The ruling, which was issued by a federal district court, found that the tax was unconstitutional because it was not specifically targeted at high-income individuals. The decision has significant implications for the state's revenue projections and has raised questions about the long-term viability of the tax.

Historical comparisons suggest that the millionaire tax is not unique to Washington state. Several other states, including Hawaii and Oregon, have implemented similar taxes on high-income individuals. However, the specifics of the tax and its implementation have been met with varying degrees of success. For example, the Hawaii state tax, which was implemented in 2017, has been criticized for its complexity and has been the subject of several lawsuits. Meanwhile, the Oregon state tax, which was implemented in 2020, has been seen as a more effective way to raise revenue.

The push to repeal the millionaire tax is part of a larger trend of tax reform efforts across the United States. Several states, including Arizona and Colorado, have implemented new taxes on high-income individuals, while others, such as Utah and Texas, have reduced their tax rates. The debate over the millionaire tax reflects broader tensions between policymakers and high-net-worth individuals, who argue that the tax is unfair and will drive them out of the state.

Fiscal data from the state of Washington suggests that the millionaire tax will have a significant impact on the state's economy. According to a report by the state's Office of Financial Management, the tax is expected to generate $1.4 billion in revenue over the next decade. However, the report also notes that the tax will have a disproportionate impact on high-income individuals, who will face a 9.9% tax rate on earnings above $1 million. This has raised concerns about the tax's fairness and its impact on the state's economy.