Seattle Democrat rejects wealth 'exodus’ concerns as businesses flee for lower-tax states

This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG. A ‘Fox News @ Night’ panel debates the presence of surveillance cameras in Seattle and a record high in antisemitic incidents. The Seattle state lawmaker behind Washington’s newly minted "millionaire's tax" is dismissing concerns that a high-income tax hike will trigger an exodus of wealthy residents and businesses from the Pacific Northwest. "The reality is the millionaire tax is not likely to result in businesses leaving," State Sen. Jamie Pedersen (D-Seattle) told a local FOX affiliate following the bill’s signing. Pedersen, the Senate Majority Leader representing Washington's 43rd Legislative District, maintains there is no evidence that the tax—recently signed into law by Gov. Bob Ferguson—will drive the state's top earners to lower-tax jurisdictions like Florida or Texas. "The drivers that we heard about from [businesses] are concerned about th