All articles tagged with #millionaire tax
The Washington Post editorial board criticizes Seattle Mayor Katie Wilson as arrogant for dismissing concerns about a 9.9% millionaire tax and a growing exodus of wealthy residents and businesses, citing Starbucks closures and Howard Schultz’s move to Miami as signs of an adverse business climate under her leadership.
New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin joined to urge Gov. Hochul and Albany to scale back the Pass-Through Entity Tax (PTET) credit that largely benefits millionaires, hoping to raise about $1 billion to help close NYC's budget gap; Hochul rejected the change, complicating the city's budget process amid delayed state spending and ongoing negotiations.
Seattle Seahawks GM John Schneider warns Washington’s proposed 10% millionaire tax could make it harder to lure NFL free agents, though he stresses taxes are just one of many factors players consider; even in tax-free states the path to success isn’t guaranteed, and the league will still hinge on team competitiveness, weather, schools, and other issues.
Washington’s 9.9% tax on earnings above $1 million (first payments due 2029) could dampen high‑income player recruitment to Seattle, with Seahawks GM John Schneider warning it will “sting” versus California and New York and potentially reshape roster-building as athletes seek to minimize tax exposure.
Former Starbucks CEO Howard Schultz said he and his wife are moving from Seattle to Florida after more than four decades in the city, a move not explicitly tied to a proposed nearly 10% wealth tax on earnings over $1 million but occurring as Washington lawmakers push the measure to fund services like free K-12 meals. Schultz, worth about $6.6 billion, plans retirement in Florida where there is no state income tax, while his private family office shifts to Miami and his Schultz Family Foundation remains in Seattle.
Several blue states are reviving proposals to tax the wealthiest residents to raise revenue for essential services, driven by rising wage and wealth gaps since the pandemic and a desire to address inequality.
Washington state proposes a 9.9% income tax on earnings over $1 million to address affordability and revenue issues, reflecting a broader trend among US states to tax the wealthy more heavily amid federal cuts and economic inequality.
Washington Gov. Bob Ferguson proposes using reserve funds, climate law revenues, and spending cuts to address a $2.3 billion budget shortfall without raising taxes, while also supporting increased spending on public services and infrastructure. The plan includes controversial moves like redirecting climate auction proceeds and making across-the-board cuts to education and government programs, with Republican critics dismissing it as accounting tricks.
House Republicans rejected efforts to include tax hikes on the wealthy in recent legislation, a decision that may impact upcoming elections, despite initial uncertainty and calls from anti-tax activists.