Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law
Published . Updated .
An initiative on November’s ballot aims to overturn the 9.9% tax on earnings above $1m – who’s winning the fight? Voters in Washington state will soon decide the fate of the state’s so-called “ millionaire tax ” – a 9.9% income tax on earnings above $1m that was signed into law in March and is now facing a conservative-backed effort to repeal it. An initiative on November’s ballot aims to overturn the tax, claiming that the tax represents a slippery slope, and would eventually result in taxes for more than just millionaires. A coalition of advocacy groups and unions opposing the initiative say taxing the state’s 20,000 highest-earning households could raise approximately $3.5bn in necessary annual revenue to fund core priorities like education and healthcare, and expand tax credits and sales tax exemptions. Continue reading...
Directly affected
- No company is named in this report.
Indirectly affected
- XLV Health Care Select Sector SPDR
A fund of health-care companies
- XBI SPDR S&P Biotech
A fund of biotechnology companies
- UNH UnitedHealth
A large health insurer
- JNJ Johnson & Johnson
A large health-care company
- LLY Eli Lilly
A large drug maker
- PFE Pfizer
A large drug maker
- KBE SPDR SER TR STATE STREET SPDR S&P BK ETF
GA selected KBE as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- XHB STATE STREET SPDR S&P HOMEBUILDERS ETF
GA selected XHB as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- XOP STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
GA selected XOP as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- CGDV Capital Group Dividend Value - ETF
GA selected CGDV as a RELATED security because its canonical security name directly matches this event's themes: groups. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
Price reaction, T-5 to T+3
An initiative on November’s ballot aims to overturn the 9.9% tax on earnings above $1m – who’s winning the fight? Voters in Washington state will soon decide the fate of the state’s so-called “ millionaire tax ” – a 9.9% income tax on earn…
Source: The Guardian
The price since 11 Oct 2026: Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) versus the S&P 500
Since the first closing price after “Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law,” Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) is -0.38%. The S&P 500 fund (SPY) is -1.47% over the same days, a +1.09% difference versus the market.
Who gains and who loses around Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE)
Companies carried with this story
- KBE Spdr Ser Tr State Street Spdr S&P Bk Etf
For “Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law,” Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) is linked, with no stored direction, medium confidence. Reason on file: GA selected KBE as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- SPY Spdr S&P 500 Etf Trust
For “Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law,” Spdr S&P 500 Etf Trust (SPY) is linked, with no stored direction, medium confidence. Reason on file: GA selected SPY as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- XHB State Street Spdr S&P Homebuilders Etf
State Street Spdr S&P Homebuilders Etf (XHB) is linked, with no stored direction, medium confidence in the 11 Oct 2026 story “Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law.” Reason on file: GA selected XHB as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- XOP State Street Spdr S&P Oil & Gas Exploration & Production Etf
State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP) is linked, with no stored direction, medium confidence in the 11 Oct 2026 story “Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law.” Reason on file: GA selected XOP as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- CGDV Capital Group Dividend Value - ETF
Capital Group Dividend Value - ETF (CGDV) is linked, with no stored direction, medium confidence in the 11 Oct 2026 story “Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law.” Reason on file: GA selected CGDV as a RELATED security because its canonical security name directly matches this event's themes: groups. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- CGGG Capital Group Equity Etf Tr
Capital Group Equity Etf Tr (CGGG) is linked, with no stored direction, medium confidence in the 11 Oct 2026 story “Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law.” Reason on file: GA selected CGGG as a RELATED security because its canonical security name directly matches this event's themes: groups. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE)
“Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law” (11 Oct 2026) reaches Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) through this story.
The link for Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) is this: GA selected KBE as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
Also listed, Spdr S&P 500 Etf Trust (SPY): GA selected SPY as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
The price range for Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE), and the dates in the story
KBE traded between 61.81 and 66.63 across 20 sessions. The latest close on file is 63.14. SPY traded between 758.80 and 781.59 across 20 sessions. The latest close on file is 766.60. XHB traded between 91.93 and 99.68 across 20 sessions. The latest close on file is 94.11.
How strong the case is around Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE)
46 out of 100
“Millionaire tax no more? Rightwing groups lead effort to repeal Washington state law” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.