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Washington State Approves Millionaire Tax Amid Wealth Flight Warnings

3/13/2026

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Summary

Story summary

Washington State lawmakers approved a 9.9% tax on income over $1 million to raise about $4 billion annually.
The measure would affect about 20,000 households and close a $10–$12 billion four-year budget gap.
Critics, including Howard Schultz, warn of wealth flight as Schultz plans to move to Florida after Jeff Bezos's 2023 departure.

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Story summary

Washington State lawmakers approved a 9.9% tax on income over $1 million to raise about $4 billion annually.
The measure would affect about 20,000 households and close a $10–$12 billion four-year budget gap.
Critics, including Howard Schultz, warn of wealth flight as Schultz plans to move to Florida after Jeff Bezos's 2023 departure.