NFIB Warns Washington Millionaire Tax Caused 18,000 Job Losses

The National Federation of Independent Business released data warning that Washington state's millionaire tax is driving significant job losses and economic decline. Citing research from the Washington Policy Center, the group reports that 18,000 jobs have already been lost due to the tax.

Economic projections suggest the state will see nearly 8,000 fewer jobs by 2028 and 1,400 fewer new businesses annually if the tax remains. The NFIB further warns of a production loss totaling $8.3 billion by 2036. Local companies, such as Parts Wholesalers and America's Phone Guys, report that rising operating costs are forcing them to consider relocating or losing customers to competitors in Idaho.

These findings arrive as voters prepare for the November election, where they will decide on Initiative I-645, a measure that seeks to repeal the tax.