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 by the Legislature and signed by Governor Bob Ferguson in March 2026. The measure, backed by Let’s Go Washington and funded in part by hedge fund manager Brian Heywood, qualified after opponents gathered more than 500,000 signatures. Opponents, including public-sector unions such as the Washington Education Association and the Washington Federation of State Employees, have committed millions in early spending to defeat it, emphasizing revenue for K-12 education, higher education, healthcare, and small-business tax relief. Historical precedent supports the current trader consensus against repeal: a 2024 initiative targeting the state’s capital gains tax failed by a wide margin. The tax itself does not take effect until 2028, leaving time for further legal challenges and campaign developments before the vote.