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Millionaires

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Washington lawmakers inch toward 9.9% tax on top earners as deadline nears
politics1 month ago

Washington lawmakers inch toward 9.9% tax on top earners as deadline nears

Legislative leaders in Olympia moved overnight toward a vote on a proposed 9.9% income tax on income above $1 million, set to take effect in 2029. Supporters, including Gov. Ferguson, say the revenue would fund families and small-business programs, while Republicans push amendments such as a charitable deduction. Critics warn the plan could violate the state constitution and invite court challenges, with opponents weighing a citizen initiative to repeal if it passes. If approved by the House, the bill would go to the Senate and then Ferguson for signature.

via KOMO|
#income-tax#legislature#millionaires
Washington Millionaire Backs Wealth Tax for Top Earners
business1 month ago

Washington Millionaire Backs Wealth Tax for Top Earners

A 70-year-old Washington retiree, Victoria Hattersley, advocates a 9.9% tax on income over $1 million, proposed to take effect in 2028 with first payments in 2029. In an as-told-to interview, she describes rising from modest means to wealth through a pharma career and stock options, rejects the bootstrap myth, and argues that excessive inequality harms society and that the wealthy should pay their fair share to fund healthcare, daycare, and other public goods. She notes the plan would affect less than 1% of residents and could bolster small businesses and social programs while reducing societal and cultural instability caused by inequality.

via Business Insider|
#business#millionaires#progressive-tax
"Rising Trend: Americans Seek Second Passports and Residency in Wealthy Sun Belt Cities and Abroad"
businesseconomics2 years ago

"Rising Trend: Americans Seek Second Passports and Residency in Wealthy Sun Belt Cities and Abroad"

According to a recent report by Henley & Partners, Austin, Texas, has seen the highest growth rate of millionaire residents in the US over the past decade, followed by Scottsdale, Arizona, and Palm Beach/West Palm Beach, Florida. While traditional hubs like New York and Los Angeles have experienced modest declines in millionaire populations, cities such as Austin, Miami, and Scottsdale are gaining residents, indicating a shift in wealth distribution within the country.

via New York Post |
#businesseconomics#millionaires#population-growth
"Rising Trend: Wealthy Americans Seek Second Residences and Citizenship Abroad"
business2 years ago

"Rising Trend: Wealthy Americans Seek Second Residences and Citizenship Abroad"

The US is experiencing a "millionaire remix" as cities like Austin, Scottsdale, and West Palm Beach draw in large numbers of millionaires, with Austin's millionaire population more than doubling over the past decade. The Bay Area in California saw an 82% growth in its millionaire population, reaching about 306,000, despite concerns about crime and homelessness in San Francisco. The report by Henley & Partners also noted the impact of immigrant influx and skilled migrant talent on the growing number of millionaires in the US.

via Business Insider|
#business#migration-patterns#millionaires
"Record Number of Americans Reach 401(k) Millionaire Status"
finance2 years ago

"Record Number of Americans Reach 401(k) Millionaire Status"

The number of Americans with $1 million or more saved in their 401(k) accounts increased by 20% from September to December, reaching 422,000 individuals by the end of 2023, according to Fidelity Investments. The average account balances for retirement savers also reached a two-year high, with more than a third of workers increasing their retirement savings contribution rate in 2023. The surge in balances was attributed to improving market conditions and increased contributions, with 78% of 401(k) savers contributing enough to secure full matching contributions from their employers. The average savings tenure of 401(k) millionaires is 26 years, emphasizing the importance of consistent long-term contributions, and nearly half of these millionaires are boomers. Experts advise those nearing retirement to consider rebalancing their portfolios and moving some savings into short-term vehicles to prepare for potential market fluctuations.

via Yahoo Finance|
#401k#fidelity-investments#finance