January 9th, 2025
In this issue:
- Gov. Ferguson says he wants to see a ‘millionaires’ tax’ in Washington state
- Will WA’s rich flee? Doubtful, but they’ll sure talk about it
- Guest Rant: Governor Ferguson’s Proposed Budget Will Hurt Everyday Washingtonians
- WA health care groups raise alarm over Ferguson budget
- Editorial: ‘Millionaires’ tax’ can deliver fairness, revenue
- Mitt Romney: Tax the Rich, Like Me
You may have missed an unexpected op-ed in the New York Times over the holidays. “Tax The Rich, Like Me,” by none other than former Republican Governor Mitt Romney. “…We have reached a point where any mix of solutions to our nation’s economic problems is going to involve having the wealthiest Americans contribute more.”
Governor Romney is right – and his op-ed is yet another point of proof that Americans, of all political stripes, think it’s time for billionaires and mega-millionaires to pay what they owe for health care, education, and more. But Governor Romney wasn’t the only voice calling for progressive revenue. In fact, our very own Governor Bob Ferguson announced his support for a “Millionaires Tax” in Washington state. “We are facing an affordability crisis,” Governor Ferguson wrote. “It is time to change our upside-down tax system.”
We agree. Now, let’s make it happen.
As lawmakers convene in Olympia for the 2026 legislative session, one of their top priorities will be navigating a big budget shortfall. It’s up to us to make sure lawmakers know how budget cuts will harm us, and why it’s important to fill the budget gap by making our state’s wealthiest pay what they owe.
Last but not least, the IWN team (Beth, Heather, Ben, Lexi, Alison and Sloane) are all wishing Treasure the very best and sending her a big THANK YOU for her leadership over the last 5 years, including helping to pass and defend Washington’s first ever capital gains tax on the super-rich. She will be missed!
Keep your eye out for our urgent action alerts, news updates and requests for help. We’re going to need every one of IWN’s 120,000 activists to pass and protect our state’s first ever Millionaires Tax.
In the meantime, check out some of the videos I’ve been posting on our TikTok and Instagram!
With big appreciation,
Ben
GOV. FERGUSON SAYS HE WANTS TO SEE A ‘MILLIONAIRES’ TAX’ IN WASHINGTON STATE
Since Donald Trump’s reelection and tax cuts in the so-called “Big, Beautiful Bill” this year, momentum has been building on the left around a so-called “millionaires’ tax:” a tax on incomes over $1 million.
On Tuesday, Gov. Bob Ferguson said he wants to see such a proposal next month and would work with Democrats to make sure it passes.
“We are facing an affordability crisis. It is time to change our upside-down tax system,” Gov. Ferguson said. “To rebalance this unfair system, I support a millionaires’ tax. Let’s make this historic change in this upcoming legislative session.”
WILL WA’S RICH FLEE? DOUBTFUL, BUT THEY’LL SURE TALK ABOUT IT
“Billionaires flush with ‘new money’ are flocking to the Bay Area,” read a headline earlier this year from SFGate. A study found the number of millionaires in the San Francisco area rose by 98% from 2014 to 2024 — despite California’s tax surcharges on the superrich.
“When millionaires say they’re leaving, they almost never do,” wrote a tax attorney for Forbes magazine about this data.
More – Danny Westneat, The Seattle Times
GUEST RANT: GOVERNOR FERGUSON’S PROPOSED BUDGET WILL HURT EVERYDAY WASHINGTONIANS
A no-revenue budget would be as harmful as it is unpopular.
If “Tax the Rich” were a political candidate, they would be very popular, transcending both region and party.
Per polling by the Washington State Revenue Alliance in 2024, 81 percent of Washingtonians support taxing major corporations. Support for taxes on major corporations isn’t much higher in my solidly progressive 43rd Legislative District (84 percent) than in moderate Gig Harbor’s 26th district (81 percent). Even the staunchly Republican 19th and the 35th districts support taxing extremely rich corporations at 80 percent.
More – Shaun Scott, The Stranger
WA HEALTH CARE GROUPS RAISE ALARM OVER FERGUSON BUDGET
When lost federal matching dollars are taken into account, the Health Care Association said, the change would cost long-term care facilities nearly $148 million.
“If we cut funding for assisted living and skilled nursing, we undermine the entire spectrum of health care services in our state as people get stuck in hospitals and overload our emergency services,” Carma Matti-Jackson, CEO of the Washington Health Care Association, said in a statement.
More – David Gutman, The Seattle Times
EDITORIAL: ‘MILLIONAIRES’ TAX’ CAN DELIVER FAIRNESS, REVENUE
We should all hope we’d be in the financial position where we’d have to pay Gov. Bob Ferguson’s proposed “millionaires’ tax,” because — as the name implies — it would levy a tax on annual income above $1 million, meaning we’d be doing pretty well.
And even with that income tax, it would still not touch the first million dollars in earnings, meaning that under the suggested rate of 9.9 percent, you’d pay a dime for hitting a dollar over $1 million; and, to be fair, each dollar after that.
Oh, the hardships of wealth, at least for fewer than half of the top 1 percent of the state’s earners.
Still, there are enough of those earners to bring in a projected $3 billion each year in additional revenue, for which the governor already has plans.
More – Everett Herald Editorial Board
MITT ROMNEY: TAX THE RICH, LIKE ME
I believe in free enterprise, and I believe all Americans should be able to strive for financial success. But we have reached a point where any mix of solutions to our nation’s economic problems is going to involve having the wealthiest Americans contribute more.
More – Mitt Romney, The New York Times
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