A Major Tech Founder Just Issued Washington a Grave Warning

DocuSign co-founder Court Lorenzini is speaking out about Washington state's new 9.9% income tax and backing Initiative 645, the November ballot measure seeking to repeal the tax. Lorenzini tells The Center Square that he plans to stay in Washington regardless of what happens with the income tax. But he says some of his friends have already left the state because of the new tax and argues Washington's changing tax environment could influence where entrepreneurs, investors and businesses choose to locate. Washington's new income tax takes effect January 1, 2028. It imposes a 9.9% tax on Washington taxable income above the $1 million standard deduction, with the first returns due in 2029. Lorenzini argues that the tax could eventually be expanded to affect more Washington taxpayers. He points to changes lawmakers previously made to Washington's capital gains tax as part of his concern about how the new income tax could change in the future. The current income tax law applies above the $1 million standard deduction. Lorenzini also says business founders and investors are already discussing Washington's tax environment when considering where to build, invest and create jobs. While he says he is not currently aware of a startup that has made a concrete location decision solely because of the new income tax, he believes keeping the tax could influence future investment decisions. Initiative 645 will give Washington voters a chance to decide whether to repeal the new income tax in the November 3 election. Washington in Focus examines Lorenzini's concerns, the debate over Initiative 645 and what Washington's changing tax policies could mean for the state's business climate. Follow The Center Square for continuing coverage of Washington taxes, the state economy, government accountability, Initiative 645 and the policies affecting Washington taxpayers and businesses. Want the next important update by text? Get the Washington state government and policy developments worth your attention sent straight to your phone. Text TCSWA to 206-944-3016 or sign up here: https://joinsubtext.com/c/thecentersquarewa Msg & data rates may apply. #WashingtonState #IncomeTax #I645 #Initiative645 #DocuSign #CourtLorenzini #WashingtonBusiness #WashingtonTaxes #Economy #WashingtonNews #WAPolitics #TheCenterSquare #WashingtonInFocus