Washington State passed a roughly 10% tax on income over $1 million. Christian Osgood argues it's likely unconstitutional and will drive wealthy tech entrepreneurs and their companies to lower-tax states like Texas or Florida, potentially costing the state jobs through 2028.
Chapters
You guys see they actually passed this? Washington State just put it through their House. Now it is unconstitutional, and so it probably will get thrown out, uh, but if they actually push this through and honor it, uh, it looks like they're just done with tech jobs and job creation in Washington State. If you happen to be a high-income earning individual, which in Washington State pretty much means you are a job provider in the state, uh, they're going to try to take an extra 10% of everything you make over a million. So if You provide hundreds of jobs, you build an amazing company, you make $2 million. Well, at least $100,000 of that is going back to the state on top of your L&I, unemployment taxes, your like million other taxes that you pay as a business owner. This should finally drive the rest of the businesses out of the state. So if you make a bunch of money, this is in effect until 2028. So if you're doing well in Washington State, we'll see you guys in Texas or Florida soon.