Washington State's New Tax on Millionaires

0:00On March 31st, Washington State just dropped a major tax bomb on high earners, signing into law a 9.9% levy on incomes over $1 million starting in 2028. This is a huge pivot for the state, which never had a personal income tax before, and Governor Bob Ferguson made it official on Monday. The cash from this tax will pump into child care, free school meals, credits for working families and breaks for small businesses, aiming to fix what. They call a lopsided tax system worsened by federal cuts under Trump. Supporters cheer it as a fix for income gaps, but Republicans are sounding alarms, saying it could chase away the rich and kill jobs, case in point. Starbucks founder Howard Schultz announced he's bailing to Florida right after lawmakers passed it. Meanwhile, other blue states are filling the vibe. Massachusetts already rakes in billions from a similar 4% surtax and spots like new. York Road Island, Colorado, even California, are pushing their own high earner hits or

1:02wealth taxes. Red states are flipping the script, though, with places like Mississippi and Oklahoma eyeing income tax cuts, while Washington's move expands tax. Credits to 460,000 more families, setting up a real showdown on who pays what. That's your update from US News Today, powered by AI. I'm Corey with the story.