Redmond Hedge Fund Manager’s U-Haul Post Fuels Debate on Washington State’s Proposed Millionaires Tax

Dec. 27, 2025 — Redmond, Wash. Multimillionaire hedge fund manager Brian Heywood posted a photo of a U-Haul truck leaving Washington state on X, criticizing a proposed 9.9% state income tax on annual earnings over $1 million as a tactic that would drive the wealthy out of the state.

Heywood, who relocated his firm from California to Washington in 2010 to escape that state’s 13.3% top tax rates and described himself as an “economic refugee,” wrote in the post:

Taxing the rich is an ‘old worn out rope-a-dope to convince voters to stick it to the wealthy, those dirty bastards… Who then promptly move out of the state with the now duped voter holding the check.

The post was spotlighted in a Seattle Times column by Danny Westneat titled “Will WA’s rich flee? Doubtful, but they’ll sure talk about it,” published the same day and republished January 3, 2026, in The Columbian as “Westneat: Will wealthy flee state?”

The tax proposal, framed as a “millionaires’ tax,” has been backed by Gov. Bob Ferguson and Senate Majority Leader Jamie Pedersen. Washington voters have historically rejected statewide income taxes.

We are facing an affordability crisis.

I'm committed to sending a significant portion of gains from a Millionaires’ Tax back into the pockets of hardworking Washingtonians, to help make life more affordable. pic.twitter.com/v63qGV6tZS

— Governor Bob Ferguson (@GovBobFerguson) December 30, 2025

Westneat argued that threats of an exodus are overstated, citing data showing California experienced 98% growth in millionaires from 2014 to 2024 despite high taxes, Massachusetts raised $5.7 billion from a recent surcharge exceeding projections, and New York City retains wealth amid surcharges.

He attributed retention to lifestyle factors outweighing tax differences for most high earners.

Heywood, active through his Let’s Go Washington PAC, is qualifying initiatives for the 2026 ballot to counter the tax proposal, as noted in MyNorthwest coverage.

The PAC also addresses other issues like taxes on precious metals sales and girls’ sports policies.

The post has amplified ongoing discussions tying the income tax push to broader 2026 ballot fights in Washington.