It appears the initiative that would have repealed the WA State Income Tax (millionaires) tax is not going to pass, triggering responses from some leading businesses.

  Dont’ Be Surprised Over Exits

  According to Geekwire, Madrona, a major Seattle-based venture capital firm, was one of the biggest donors to the campaign, supporting the repeal. Following the initial ballot returns, which were not positive, a managing editor at the firm, Matt McIlwain, said the following:

“The outcome on the income tax should be disappointing for all Washingtonians as having no income tax was a major source of competitive advantage for the state.”

  Some Leaders Actually Are Celebrating?

A Seattle area attorney who advises startups, Ben Golden, actually was quoted as saying the failing of I-645 shows  “that Washingtonians are ready to invest in ourselves.” 

What? How is accepting an unconstitutional income tax investing in ourselves? Moving on…

Madrona’s McIlwain noted that after the last attempt to pass an income tax in 2010, WA State saw “record” growth in business, tech and industry.

   Rumblings Already Beginning

The election won’t be certified until later this month, but you can bet in the backround, a number of businesses and industries are going to lay out plans to find an exit from WA.  Fisher Investments did it after the capital gains tax, they’re in Texas now.

And, I would also bet if I-645 doesn’t miraculously revive itself, any chance of the NBA Seattle Sonics returning to the city as an expansion team will be dead. NBA Officials already hinted they were watching the outcome of the Initiative.

 And Here’s The Quiet Part Out Loud

It isn’t just the millionaires who will pay the tax. Cyndi Ryu, a Democrat House Rep who is running for Senate in this election, said out loud, during a KUOW TV debate, she favors lowering that 1 Million to 250K.  And that’s not individuals…it’s households who make a combined $250K annuall.

She also said $250K is enough to live off of, and they can afford a ten percent tax. And, what is to stop Democrats from pushing that number down to $100K?  The eventual goal,and it has been for decades, is a state-wide income tax for all earners.