Washington state just passed a tax on incomes above one million dollars a year. The so-called “millionaires tax” has critics warning we’re about to see an exodus of Washington’s wealthiest residents. 

So we wanted to know whether “millionaire migration” is really a thing.

Today, what states that already have millionaire taxes can tell us about what to expect here in Washington.

GUEST:
Cristobal Young, Associate Professor in the Department of Sociology at Cornell University

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Thank you to the supporters of KUOW, you help make this show possible! If you want to help out, go to kuow.org/donate/boomingnotes.

Booming is a production of KUOW in Seattle, a proud member of the NPR Network. Our editor is Carol Smith. Our producers are Lucy Soucek and Alec Cowan. Our hosts are Joshua McNichols and Monica Nickelsburg.

Washington state just passed a tax on incomes above one million dollars a year. The so-called &ldquo;millionaires tax&rdquo; has critics warning we&rsquo;re about to see an exodus of Washington&rsquo;s wealthiest residents. So we wanted to know whether &ldquo;millionaire migration&rdquo; is really a thing. Today, what states that already have millionaire taxes can tell us about what to expect here in Washington. GUEST: <a href="https://sociology.cornell.edu/cristobal-young">Cristobal Young</a>, Associate Professor in the Department of Sociology at Cornell University Coming up: Are you house hunting as a first-time home buyer? We'd love to hear from you about how it's going. Give us a call at <a href="tel:2062217158" data-stringify-link="tel:2062217158" data-sk="tooltip_parent">(206) 221-7158</a> and leave a voicemail. You can also email us at&nbsp;<a href="mailto:booming@kuow.org">booming@kuow.org</a>. Thank you to the supporters of KUOW, you help make this show possible! If you want to help out, go to <a href="http://kuow.org/donate/boomingnotes">kuow.org/donate/boomingnotes</a>. Booming is a production of KUOW in Seattle, a proud member of the NPR Network. Our editor is <a href="https://www.kuow.org/authors/carol-smith">Carol Smith</a>. Our producers are <a href="https://www.kuow.org/authors/lucy-soucek">Lucy Soucek</a> and <a href="https://www.kuow.org/authors/alec-cowan">Alec Cowan</a>. Our hosts are <a href="https://www.kuow.org/authors/joshua-mcnichols">Joshua McNichols</a> and <a href="https://www.kuow.org/authors/monica-nickelsburg">Monica Nickelsburg</a>.

Booming is a weekly podcast about the economic forces shaping our lives here in the Pacific Northwest. The Seattle area's been home to many booms over the years. It’s brought jobs, people, and wealth to the region, but also real growing pains that people here feel every day. In Booming, KUOW economy reporters Joshua McNichols and Monica Nickelsburg help listeners make sense of our ever-changing economy. We'll dig into what people are seeing or feeling and unpack the story behind it.

Booming is a weekly podcast about the economic forces shaping our lives here in the Pacific Northwest. The Seattle area's been home to many booms over the years. It&rsquo;s brought jobs, people, and wealth to the region, but also real growing pains that people here feel every day. In&nbsp;Booming, KUOW economy reporters Joshua McNichols and Monica Nickelsburg help listeners make sense of our ever-changing economy. We'll dig into what people are seeing or feeling and unpack the story behind it.

Booming

Will the new millionaire's tax drive wealth out of Washington? We asked an expert on tax flight to find out.