After 93 years and a 25-hour debate, Washington has an income tax, and billionaires are leaving - Fortune
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The Bottom Line
Washington state enacts first income tax in 93 years targeting billionaires, causing wealthy exodus.
How This Affects You
Washington's new billionaire tax creates a precedent that other states might follow for wealth taxation.
AI Summary
Washington state enacted its first income tax in 93 years following a 25-hour legislative debate. The new tax specifically targets billionaires and ultra-wealthy residents. In response to the tax implementation, several billionaires have already begun relocating from the state. The exodus represents a direct consequence of Washington breaking from its decades-long tradition of having no state income tax. This marks a significant shift for a state that has historically relied on sales taxes and other revenue sources to fund government operations.
What's Being Done
Several billionaires have already begun relocating from the state in response.
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