‘Profits more important than citizenry’: Spike challenges millionaires fleeing WA’s income tax

After Governor Bob Ferguson signed Washington’s income tax on millionaires into law, JPMorgan Chase CEO Jamie Diamond stated that a “huge exodus” is taking place in states that have signed similar laws, with high taxes “driving people out,” and that the decisions are “hurting your own city.”

Despite Diamond’s comments, Governor Ferguson recently reposted a statement from Seattle resident Rick Steves, who approves of the tax on “fat paychecks” of his, and claimed that “those with a heart” support the bill.

Rick Steves on the Millionaires’ Tax: “A new tax on fat paychecks like mine was just signed into law in my home state — and I like it… And — for those of us with a heart for the public good — it’s simply common sense.”

It’s time to change our upside-down tax system.

— Governor Bob Ferguson (@GovBobFerguson) April 1, 2026

Radio hosts debate morality of wealthy staying versus fleeing high-tax states

In response to both statements, Jake Skorheim and Spike O’Neill, co-hosts of “The Jake and Spike Show” on KIRO Newsradio, butted heads on the moral high ground aspect of why a millionaire should pay the tax, rather than flee the state entirely.

“The problem that I have with this is that nobody is saying that it’s not a good idea to be charitable with your money,” Jake said. “If you look at who’s mostly charitable in Washington, like to the tune of billions, the most charitable people are tech billionaires; if they didn’t live here, those donations wouldn’t happen here. If they never come here because it’s not a favorable place for taxes, that’s the problem down the road. You’re assigning this moral good, saying, ‘If you have a heart, it’s for the public good.’ The thing is, though they’re only doing it because they’re so bad at spending money, there’s no way that they could justify this at all if they weren’t in a deficit.”

Spike affirmed Steve’s statement, noting that it is his decision to stay in the state and contribute to the public good through higher taxes.

“Rick Steves is not wrong. He’s made a moral decision to stay here, pay more in taxes, because he understands, in his judgment and his choice to make, to stay and give a little more and still enjoy a wonderful life,” Spike said. “He’ll never miss the difference. But if the state’s not going to be a responsibility to the citizenry, then you have to rely on charity to get it done. I think that’s a problem, too.”

The debate intensified as Jake argued that the state’s budget deficit drives these tax policies, and that the income tax wouldn’t even have been on the ballot if Washington were efficient at managing its finances.

“Until you’re running a tight ship, the only way to keep paying for [social programs] is to start taking money from more people,” Jake said. “And if you’re taking money from the very people who give you the money to be so generous in the social programs, yeah, you’re going to be left in a worse and worse place.”

“When you’re driving the bigger earners out of town, you’re taking a you’re going to take a hit to your charitable donations, absolutely,” Spike responded. “But Jamie Diamond is saying there’s no morality in this, and the Democrats keep framing it as a moral question about whether you stay and pay more, or take your money and go toward more profitable locations. I think that is a moral question, and I think the Democrats have a real, valid point. You’re deeming that your profits are more important to you than caring for the citizenry in the city in which you made all your money.”

Watch the full discussion in the video above.

Listen to “The Jake and Spike Show” weekdays from noon to 3 p.m. on KIRO Newsradio 97.3 FM. Subscribe to the podcast here.