Seattle Democrat rejects wealth 'exodus’ concerns as businesses flee for lower-tax states

Washington state lawmaker Jamie Pedersen dismisses concerns that a high-income tax hike will trigger an exodus of wealthy residents and businesses, despite companies like Starbucks cutting jobs in Seattle. The millionaire's tax imposes a 9.9% tax on annual income exceeding $1 million for individuals or households. The legislation marks a seismic shift for a state that has historically prided itself on having no personal income tax.