Washington voters face Initiative 645 on the November 3, 2026 ballot, which would repeal the 9.9% tax on household income above $1 million enacted earlier this year and signed by Governor Bob Ferguson. The measure qualified after backers submitted over 500,000 signatures. Opponents, including public-sector unions and Democratic-aligned groups, have mobilized substantial spending—such as the Washington Education Association’s recent $3 million contribution—to defeat it, emphasizing projected revenue losses for K-12 education, healthcare, and other services. A June poll showed repeal trailing 38% to 57%, consistent with voters’ prior rejection of a similar capital gains tax repeal effort. Trader pricing at 79% against repeal reflects these organized opposition efforts, polling trends, and revenue stakes ahead of election day.