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Washington State Approves Controversial Millionaire Tax Amid Wealth Exodus

3/16/2026

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Summary

Story summary

Washington state lawmakers passed a 9.9% income tax on personal income over $1 million.
The measure targets the budget deficit and could raise $3.5–$4 billion annually from 2029.
Governor Bob Ferguson supported the bill after amendments for childcare and free school meals.
Howard Schultz announced he would move to Florida amid wealth-migration concerns.
Legal challenges and a possible ballot initiative are anticipated as the tax faces scrutiny.

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Story summary

Washington state lawmakers passed a 9.9% income tax on personal income over $1 million.
The measure targets the budget deficit and could raise $3.5–$4 billion annually from 2029.
Governor Bob Ferguson supported the bill after amendments for childcare and free school meals.
Howard Schultz announced he would move to Florida amid wealth-migration concerns.
Legal challenges and a possible ballot initiative are anticipated as the tax faces scrutiny.