Washington passes millionaires tax
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The Seattle Seahawks are currently in the first week of free agency, but while they are beginning, another organization is just wrapping up. This week also marks the final days of Washington's 60-day legislative session.
A new tax on personal income above $1 million a year has officially cleared all legislative hurdles in the state Capitol, marking the most significant shift in state tax policy in
"Not since 1932... has the Evergreen State come so close to bringing more balance to its tax system," according to the Institute on Taxation and Economic Policy
Washington state lawmakers had been debating a proposed “millionaire’s tax” for 23 hours straight when Starbucks Corp. founder Howard Schultz said he was leaving the state to move to Miami.
Howard Schultz said he and his wife will move to Florida as Washington weighs a roughly 10% annual tax on earnings over $1 million.
Gov. Ferguson had previously wavered on his support in the bill’s earlier form, saying the legislation did not include enough to support working families as written.