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State Sen. Jamie Pedersen (D-Seattle) says there is no evidence that the tax will drive the state's top earners to lower-tax jurisdictions like Florida or Texas.
Washington's new millionaire tax imposes a 9.9% rate on income above $1 million starting 2028.
KEY POINTS
- The first payments for the millionaire tax are due in 2029 after a delay for legal challenges.
- Starbucks is relocating 2,000 corporate jobs from Seattle to Nashville amid tax climate concerns.
- Democrats classified the millionaire tax as an excise tax to bypass the state constitution's property tax limits.
- Lawmakers recently scaled back expanded retail sales taxes after local business closures and public backlash.
COMPANIES
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