WA business climate under pressure: millionaires tax repeal, job losses, and Ferguson's economic council
Key Questions
What is the status of the Washington millionaires tax repeal effort?
The repeal petition has neared 400,000 signatures. It is linked to concerns over the JumpStart tax, which some tie to 30,000 job losses and rising office vacancies.
Why are companies like Fisher Investments and Rich Barton leaving Washington?
Fisher Investments is relocating to Texas, and Rich Barton has moved to Las Vegas. Critics cite high taxes, crime, and costs, with Seattle ranking #29 for foreign investors.
What steps is Governor Ferguson taking to address Washington's economy?
He created a 26-person economic council with a one-year timeline and no new taxes after admitting the state lacked a development team for decades. Some data shows the state economy growing fastest nationally due to AI spending.
Washington millionaires tax repeal nears 400k signatures; Fisher Investments moving to Texas; JumpStart tax linked to 30k job losses, 32% office vacancy, $10B value drop. Danny Westneat counters: capital gains tax records show tech wealth explosion (Microsoft +130%, Amazon +264%). Rich Barton moves to Las Vegas. Seattle drops to #29 for foreign investors; construction jobs down 1,700. Gov. Ferguson admits WA lacked economic development team for decades and creates a 26-person council with one-year timeline and no new taxes; critics call it too late. New: Capitol Hill's only winery closing due to crime and costs, adding to business exodus narrative. New: WA economy grows fastest in nation driven by AI spending, challenging the local downturn narrative.