Washington voters will decide Initiative 645 on November 3, 2026, which would repeal the 9.9% tax on annual household income above $1 million enacted by the Legislature and signed by Governor Bob Ferguson in March 2026. The measure, which affects roughly the top 0.5% of earners and is projected to raise over $3 billion annually starting in 2029 for education, the Working Families Tax Credit, small-business relief, and other services, faces organized opposition from Democratic leaders and labor groups. Earlier polling showed at least 60% support for retaining the tax, while the repeal campaign led by Let’s Go Washington gathered sufficient signatures to qualify but has not shifted the underlying voter consensus reflected in current trader pricing. Legal challenges to the tax itself remain pending but have not altered the ballot timeline.