Episode Details

Seattle’s booming construction industry is grinding to a halt as a wealthy client exodus triggered by the looming “millionaires tax” sends shockwaves through the sector. An architectural firm reports a 50% revenue plunge and layoffs after high-net-worth clients cancel or pause major projects—fearing the 9.9% tax on incomes over $1 million, set to take effect in 2029. The ripple effect threatens hundreds of blue-collar jobs, not just millionaires’. While proponents tout billions for education and small business relief, the firm’s owner warns that mere anticipation is chilling investment—and that this Seattle slump is an outlier in an otherwise national rebound. Opponents are already mobilizing to repeal the tax before it even takes effect.

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