Washington voters will decide Initiative 645 on the November 3, 2026 ballot, which would repeal the 9.9% tax on household income above $1 million signed into law earlier this year by Gov. Bob Ferguson and scheduled to take effect in 2028. The measure, backed by Let’s Go Washington, qualified after supporters submitted more than 500,000 signatures. Democratic leaders, organized labor, and a No on I-645 campaign have emphasized a required ballot disclosure stating that repeal would reduce funding for K-12 education, higher education, and human services. Legal disputes over that impact language and potential effects on the existing capital gains tax have also surfaced. With roughly six weeks until the election, the combination of official opposition, revenue concerns for state services, and historical patterns on tax-related initiatives has produced trader consensus favoring retention of the tax.