this post was submitted on 12 Mar 2026
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WA income tax passes Senate, Ferguson expected to sign into law (www.seattletimes.com)
submitted 2 months ago by silence7@slrpnk.net to c/washington@lemmy.world
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The bill imposes a 9.9% tax on income of over $1 million a year, with the first payments due in 2029. It would raise an estimated $3 billion to $4 billion annually, helping to fund schools and other state services.

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[–] silence7@slrpnk.net 4 points 2 months ago (1 children)

Im sorry but you're simply wrong about what state (and local) income taxes elsewhere look like.

For example both California and New York City have high top marginal tax rates like this, and while billionaires make a lot of noise, they are largely unable to move away without sacrificing their source of income. That money goes into the state general fund, not directly to subsidies for small businesses. Large parts of the country are similar.

[–] tidderuuf@lemmy.world -4 points 2 months ago (1 children)
[–] silence7@slrpnk.net 3 points 2 months ago

That's the talk that you're mistaking for action. A tiny fraction of wealthy retirees can and do leave. The bulk of the wealthy can't