Washington's 9.9% "Millionaires Tax" Isn't That Simple | DarkHorse 319

Washington state has voted in the first ever income tax (for high earners), quick on the heels of its first ever capital gains tax, while still having some of the highest estate, sales, property, and fuel taxes in the country. Meanwhile, the cost of living is skyrocketing, and the quality of services declining. Our highways are third worst in the nation; our cities are filthy and unsafe; our schools are miseducating children (at best). Is the money being used for anything useful?

Watch the full episode: https://youtube.com/live/t3U-d3KNkW8

"If you stop businesses from starting here, and if you drive people so that they move elsewhere—even though it’s difficult to do—then the point is the tax base dries up, which then forces you to become even more predatory for the people who stayed.

And that’s really the thing, right? They’re setting themselves up so that they have to go after more and more people, because the people who are starting new businesses are not going to do it here." - Bret Weinstein

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Mentioned in this segment:

WA’s affordability crisis: https://www.waroundtable.com/wp-content/uploads/2026/03/WRT_AffStudy_FINAL_3.20.26.pdf

Ferguson signs the millionaire’s tax into law: https://x.com/BobFergusonGov/status/2039085857655951831

WA senate bill 6346: https://lawfilesext.leg.wa.gov/biennium/2025-26/Pdf/Bills/Senate%20Passed%20Legislature/6346-S.PL.pdf

WA capital gains tax: https://dor.wa.gov/forms-publications/publications-subject/special-notices/new-tiered-rates-washingtons-capital-gains-tax

NPR podcast (KUOW’s Booming) on millionaire’s taxes: https://podscan.fm/podcasts/booming/episodes/is-millionaire-migration-really-a-thing-lessons-from-states-that-already-tax-the-rich
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https://www.youtube.com/watch?v=X0hRiJ37dkg