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Reply to "For those with high HHI ($500K), tax saving strategies"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]https://www.newsweek.com/former-starbucks-boss-leaving-washington-what-we-know-11657833 Starbucks founder is leaving Washington State. Washington State passed a tax of 10% on anyone earning 1million dollars [b]over and above the existing taxes.[/b][/quote] The "existing taxes" are zero.[/quote] And the departure from WA state was already planned. But yes, this tax will drive many out of WA. Just like the Cap gains tax (essentially just on stock options) did. Also, it may be 10% on anything over a million now, but the WA legislature would not codify that the "1M" will never go lower. Their entire plan is to reduce it as a backdoor way into getting an income tax (just like the Fed income tax started as). When they don't get enough from the "over $1M" they will try to lower it (and with the current court likely succeed in WA state). [/quote]
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