Will Washington's Millionaires' Tax Drive The Rich Out Of The State?

Benzinga04-01

Washington state made history earlier this week when Gov. Bob Ferguson signed Senate Bill 6346, the Millionaires’ Tax, into law. The bill taxes individual income exceeding $1 million a year. Less than...

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Bob Ferguson signed Senate Bill 6346, the Millionaires’ Tax, into law. The bill taxes individual income exceeding $1 million a year. 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Bob Ferguson signed Senate Bill 6346, the Millionaires’ Tax, into law. The bill taxes individual income exceeding $1 million a year. Less than half of one percent of Washingtonians will pay it.\nIn its first full year, more than 41.3% of revenue returns to families and small business owners. That rises to 47.3% the following year.\nBenefits include free meals for all K-12 students, expansion of the Working Families Tax Credit to 460,000 new families, and over $320 million invested in affordable childcare. Sales tax on diapers and over-the-counter drugs will also be eliminated.\nNot everyone is convinced. JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon, speaking on FOX & Friends, warned that tax-the-rich policies are “a big factor in why people move.”\n“Look at California versus Nevada. New York versus Florida. There is a huge exit taking place. It is not good for the city,” Dimon said. “Unfortunately, people vote with their feet.”\nMeanwhile, the OECD projects U.S. inflation will climb to 4.2% in 2026, up from 2.6% in 2025, and the Federal Reserve is expected to hold rates steady through 2026 and into 2027.\nSen. Bernie Sanders (I-Vt.) pushed back, arguing a 5% federal wealth tax would require Dimon to pay roughly $135 million more while still leaving him worth over $2.5 billion. \nDeSantis called the tax “counterproductive,” warning that states without income taxes hold “a major advantage” and that taxpayers will inevitably flee.\nDisclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.\nImage via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2624151998","isCrawlerRequest":true}