It taxes assets 1% on anything you own over $250 million, per year. If you own $251 million in assets, it would be $10,000 you owe on top of whatever other capital gains.
Note that Washington state has no income tax, so the state legislature is trying to find a way to bring in more funding for things we need.
What’s the skinny on that?
https://www.seattletimes.com/business/what-amazon-founder-jeff-bezos-move-from-seattle-has-to-do-with-taxes/
I’d like to pile on because I agree with the sentiment, but in reality it probably doesn’t even make a dent in his wallet or thought process.
It taxes assets 1% on anything you own over $250 million, per year. If you own $251 million in assets, it would be $10,000 you owe on top of whatever other capital gains.
Note that Washington state has no income tax, so the state legislature is trying to find a way to bring in more funding for things we need.