Washington joined the ranks of states like Rhode Island, Massachusetts, and Maine in enacting a so-called millionaires tax. It places a 9.9% levy on households earning more than $1 million per year. The tax doesn’t apply to the first $1 million of income — only the income beyond that threshold.

Supporters of the tax argue that it affects only a sliver of households in the state, while opponents warn it threatens opening the door to a broader statewide income tax.

Let’s Go Washington, a political action committee sponsored by hedge fund manager Brian Heywood, put forward the repeal measure. “We are proud to lead the fight to protect families and small businesses from Olympia expanding their state income tax on all Washingtonians,” he said in a statement July 15, when its initiative met the signature threshold for appearing on the ballot.

Meanwhile, a campaign urging voters to reject the repeal bid has won the backing of some high-profile Washingtonians, including travel writer Rick Steves and “Jeopardy!” winner-turned-host Ken Jennings.

Gov. Bob Ferguson (D) signed the bill creating the tax in March. It takes effect in 2028, with the first taxes due in 2029.