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 by the Democratic-controlled legislature and signed by Gov. Bob Ferguson. The measure, backed by Let’s Go Washington and hedge fund manager Brian Heywood after gathering over 500,000 signatures, would also bar future income-based taxes. Opponents, including the governor and organized labor, have launched a well-funded “No on I-645” campaign that highlights projected revenue losses for K-12 education, higher education, and human services, with required ballot disclosures reinforcing those impacts. The tax is projected to generate roughly $3 billion annually starting in 2029 from a narrow group of top earners while preserving Washington’s broader no-income-tax framework for most residents. Trader consensus favoring retention reflects these organized defenses of dedicated funding streams and historical voter reluctance to cut revenue measures tied to popular public services.