WA’s rich are leaving? Another tax on wealth smashes records

But since the state Legislature passed the capital gains tax in 2021, as its first big try at tapping into tech wealth, Microsoft’s annual profits are up 130% in those five years. Amazon’s profits are up a dizzying 264%. This is astounding context for how there could be so much more big money sloshing around than anyone thought.

As long as taxes on the superwealthy keep topping estimates, often by two or threefold, it’s going to be tough to convince those down-in-the-funk voters that the tippy top are hurting, or fleeing, or that any of this is bad.

Read the full column by Danny Westneat in The Seattle Times.