"The state of Washington recently passed a 'millionaire's tax' law taxing per capita income at over $1 million at almost 10%. Pretty much every professional athlete in Seattle will be affected by it."
"Since their inception the Kraken have taken the traditional 'build through the draft' approach to building a team. Those tax benefits would have been helpful in signing free agents."
"One of the Seattle Seahawks top executives said having the new tax in place would hurt player negotiations. The Seahawks being in the NFL, players usually command much higher salaries than their hockey counterparts."
"As the reigning Super Bowl champions, the Seahawks are in 'win now' contention mode, making it crucial to sign and retain talent at inflated free agent prices."
Washington's new millionaire's tax law will impose a nearly 10% tax on income over $1 million, affecting professional athletes in Seattle. Previously, Washington had no personal income tax, which benefited teams like the Seattle Kraken. The Kraken have focused on building through the draft, but the loss of tax advantages could hinder their ability to sign free agents and retain players. Concerns have been raised by the Seattle Seahawks about how this tax will affect player negotiations, especially given their higher salary structure and championship aspirations.
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