June 17th, 2026
In this issue:
- The first trillionaire
- The Millionaire Exodus That Never Came
- WA governor’s office warns agencies to prepare for ‘significant budget shortfalls’
- Nearly half of adults struggled to afford healthcare last year, survey finds
- Surging stock market, Trump policies boost wealth for top 1%
- WA falls to 31st in national education ranking
Elon Musk has become a trillionaire. Trillion with a “T.”
That amount of wealth is hard to comprehend, but here are some ways to try:
- Elon Musk could spend $1,000,000 every day and wouldn’t be low on cash until the year 4700.
- It would take the poorest 3,800,000,000 people on Earth pooling their wealth together to match Elon Musk’s fortune.
- Elon Musk could give $100 to every one of the 8,300,000,000 people on Earth, and he would still be one of the richest people alive.
In the face of this extreme wealth, a new survey showed that nearly half of Americans report struggling to afford health care in the last year, and Washington State is preparing to navigate yet another budget shortfall. This shouldn’t be a surprise. It is the predictable result of a tax code and an economy that asks too little of those with the most and too much of everyone else.
The good news is that Washington state has another path, and we made big steps by passing the Millionaires Tax earlier this year. Now, it’s time to protect this progress by declining to sign IP26-645 so we can generate vital revenue for schools, health care, housing, and tax cuts that benefit all Washingtonians.
Thank you for declining to sign!
Ben, Invest in WA Now
THE FIRST TRILLIONAIRE
The first trillionaire — much less a trillionaire known for erratic personal behavior, online trolling and support for global right-wing politics — will likely reignite discussion of the diverging fortunes of wage earners and those with market-based wealth, as well as their growing political power.
THE MILLIONAIRE EXODUS THAT NEVER CAME
The popular image of the “mobile millionaire,” constantly searching for the lowest-tax location, unravels under close inspection. Top earners often travel, but they rarely change where they live. More often, they are deeply rooted – and powerful insiders – in the places where they built their careers and businesses and raised their families. It is not so easy to walk away from these kinds of relationships.
More – Cristobal Young, Vital City
WA GOVERNOR’S OFFICE WARNS AGENCIES TO PREPARE FOR ‘SIGNIFICANT BUDGET SHORTFALLS’
State agency leaders received a dire warning from Gov. Bob Ferguson’s office on Friday that they’re headed toward “what will likely be the most challenging budget any of us has yet faced.”
“There will be significant budget shortfalls next biennium in both operating and transportation budgets,” the governor’s budget director, K.D. Chapman-See wrote in a three-page memo.
More – Bill Lucia, Washington State Standard
NEARLY HALF OF ADULTS STRUGGLED TO AFFORD HEALTHCARE LAST YEAR, SURVEY FINDS
Survey results also showed about 1 in 5 adults with private health insurance coverage reported large increases in insurance premiums — but adults with individual Marketplace plans were nearly twice as likely to report large premium increases as those with employer coverage.
According to health policy research organization KFF, the average Marketplace deductible surged by about $1,000 per person this year, as more enrollees shift to higher-deductible plans after enhanced subsidies expired.
More – Nada Hassenein, Washington State Standard
SURGING STOCK MARKET, TRUMP POLICIES BOOST WEALTH FOR 1%
The richest 1% of Americans held nearly a third of the country’s total wealth at the end of 2025, the largest percentage the Federal Reserve Board has recorded since it started monitoring the numbers in 1989. In 1990, the share was 22.5%.
The latest percentage, 31.9%, is likely the largest since the end of World War II, possibly heralding a return to the extreme wealth inequality of the late 19th and early 20th centuries. And it is likely to balloon further as a result of President Donald Trump’s tax cuts and other pro-business policies.
More – Tim Henderson, Washington State Standard
WA FALLS TO 31ST IN NATIONAL EDUCATION RANKING
Another notable issue the report shows, [Soleil] Boyd said, is a lack of access to early learning. The report found that 57% of children ages 3 and 4 are not in school, a one percentage point decline from the previous reporting period.
Boyd flagged rollbacks the state Legislature made this year to prekindergarten programs and cuts to childcare providers.
She said it’s “really encouraging” that a portion of the state revenue from the new income tax on millionaire earners is slated to help fund early learning programs. But collections of the tax don’t start until 2029, and it’s still possible it could be overturned in court or by voters.
More – Aspen Ford, The Seattle Times
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