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Progressives are pushing higher taxes on the wealthy, raising questions about the broader impact if businesses and high earners leave.

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Seattle’s mayor downplayed those concerns after Washington approved a new millionaire tax. In New York City, a proposal would raise the top income tax rate to 5.88% for those earning over $1 million and add a surcharge on luxury second homes. Meanwhile, California voters will weigh a 2026 measure to impose a one-time 5% tax on billionaires’ global wealth.