WA ELITE BEGIN EXODUS - 65% Jump in $2M Home Listings After Millionaire Tax Passes

This episode of 'News For Reasonable People' examines the immediate real estate impact of Washington State's newly passed millionaire income tax, which imposes a 9.9% tax on annual income over $1 million starting in 2029. The host, Sean, reports a 65% year-over-year spike in high-end home listings—defined as properties priced at $2 million or more—on the day after the state legislature passed the bill, citing data from the MLS. While acknowledging that single-day data can be noisy, he argues the trend is driven by economic rationality: wealthy residents, including high-profile figures like Jeff Bezos and Howard Schultz, are choosing to leave Washington due to rising taxes and perceived policy mismanagement. The episode warns of a broader exodus that could hollow out Seattle’s downtown core, reduce property values, and shift the tax burden onto remaining residents, echoing patterns seen in Chicago. The host also highlights how tech layoffs and AI automation are compounding the economic pressures, making relocation more feasible for affluent professionals while placing greater strain on middle- and lower-income households. The episode concludes with a strong call to action for viewers to consider moving, especially those with financial flexibility. It frames the tax as the 'last straw' in a series of policy decisions that have made Washington less competitive. While acknowledging the real estate industry’s potential bias in downplaying the data, the host maintains that the market signals are clear: people are leaving, and the trend will accelerate. He emphasizes that this is not just about one tax, but a systemic shift in state direction that threatens economic vitality and quality of life.