Washington voters keep millionaires tax, splitting tech leaders over the state’s competitive edge
Washington voters upheld Initiative 645, defeating a ballot measure that would have repealed the 9.9% income tax on high earners, effectively ending the state's status as one of nine U.S. states without an income tax. The measure failed with 58% voting to retain the tax. The result divided Seattle's tech community; some venture capitalists and founders, including Madrona Venture Partners which contributed $250,000 to the repeal effort, argued the tax would disadvantage the state in talent and capital recruitment, while others dismissed such concerns as overblown.
Key points
- Washington voters kept 9.9% income tax on earnings over $1M
- Ends state's no-income-tax competitive status
- Tech leaders split on the policy's impact on recruitment
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