Study: Washington State’s Proposed Millionaires Tax May Impact Employment and GDP

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A new report from the Washington Policy Center and the Buckeye Institute concludes that “Washington's 9.9% income tax on earnings above $1 million (Senate Bill 6346) would bring in money for the state but leave Washington with fewer jobs, less economic growth, and less business investment than it would have had without the tax”. It notes that “establishing a new income tax risks future legislatures raising the initial tax rate and inevitably levying the tax on ever-lower income thresholds” and that “although the tax generates additional state revenue, economic activity weakens, with output, employment, consumption, and investment falling below their respective baselines”.



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