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"I still think that claims of a large exodus of rich people due to our statewide millionaire tax that the legislature passed this year are overblown."
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Seattle’s mayor is denying that Washington’s new tax policy could drive wealthy residents and companies out of the state, even as a new survey suggests a significant portion of business leaders are considering relocation. In an interview Wednesday, Seattle Mayor Katie Wilson downplayed fears that high earners are preparing to leave following the introduction of a state-level “millionaire’s tax.”
The policy imposes a 9.9% income tax on households earning over $1 million annually and was signed into law on March 30 by Democratic Gov. Bob Ferguson.
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