""This is truly a historical step forward in rebalancing our tax code. It's the right thing to go for Washington's working families. It's the right time to do it. It's the right policy.""
""Currently, millionaire households in Washington pay about 4% of their income in taxes, compared to about 11% for median-income households and 14% for low-income households.""
""The state's Budget and Policy Center estimates that about 20,000 households in Washington would be affected - less than 1%. That would generate over $3 billion in revenue annually.""
""While high-priced home listings have risen year over year, the listing anomaly on March 12 isn't necessarily a good indicator of an impending mass exodus out of Washington.""
Washington has enacted a tax law specifically for millionaires, set to take effect on January 1, 2028. Households earning over $1 million will be taxed at 9.9% on income exceeding that threshold. Currently, millionaire households pay about 4% in taxes, while median-income households pay about 11%. The law is expected to affect around 20,000 households and generate over $3 billion annually for education, healthcare, and public services. Concerns about potential migration to tax-free states have arisen, but experts caution against overreacting to initial listing increases in high-value homes.
Read at Boston Condos For Sale Ford Realty
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