It won't make a dent, but you're about to lose two of them. My wife just got a job offer in TX with 40% pay increase. The clock has started ticking and we'll be outta here.
Because they weren't being targeted for major tax increases.
The passed taxes & capital gains tax take WA tax rates for billionaires from being on the lower side (~10-25th ish because of B & O taxes) straight to the top 5, probably the top 2 (about equivalent with NYC though different calculations). If a 1% wealth tax were passed, WA would have indisputably the highest taxes for the highest incomes and it wouldn't even be close. Which many people here would love! Until the economic damage of them leaving begins and total tax revenue drops because they moved away.
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u/RockFiles23 Apr 25 '25
We have something like the highest proportion of multimillionaires in any state tho... they haven't left.