Washington’s new income tax could wipe out 18,800 jobs and $8.3 billion a year, new report warns - Seattle Red

A new Buckeye Institute and Washington Policy Center report projects Washington’s income tax will cost the state thousands of jobs. (Photo: American Action Network) Washington’s new 9.9 percent income tax will cost the state’s economy close to $2 in lost output for every $1 it sends to Olympia, according to a new economic analysis reviewed by Seattle Red. By 2036, the gap grows to $2.50. The report, titled “Washington’s Tax Gamble,” comes from the Washington Policy Center and the Buckeye Institute. It models Senate Bill 6346, the millionaires’ tax Governor Bob Ferguson signed this spring, a year after he signed the largest tax hike in state history .