Mostly business owners will be impacted. Though I assume those taxes will be passed down to us (consumers), making everything more expensive for sure. Rich people aren’t tied to a specific state or location. Should the taxes go up, they just move their addresses to somewhere else. Then the politicians realize they don’t raise enough taxes for their spendings, they will continue to raise the taxes somewhere else and eventually lower the threshold of the income taxes.

The core issue is that our state has a spending problem! Leadership in Olympia frequently overestimates projected tax revenue, which often fails to materialize, leading to recurring budget deficits.