New Delhi, March 31 -- Governor Bob Ferguson made history as Washington became the first state to introduce income tax of its kind. Washington State has taken a dramatic step toward reshaping its tax landscape, with Governor Bob Ferguson signing into law a 9.9% income tax on the state's wealthiest residents - a move that marks a historic first for a state long known for having no income tax on wages or salaries.

The Washington Millionaire's Tax, which will become effective at the start of 2028, targets high-income earners in a state that is home to some of the wealthiest individuals and corporations in the world.

Seattle alone counted 54,200 millionaires in 2023, according to UK wealth advisory firm Henley and Partners, making Washingto...