A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

Washington state’s proposed new income tax includes the largest “marriage penalty” in the nation, placing higher taxes on certain couples who file jointly, according to tax experts.

The state House of Representatives approved Washington’s first-ever income tax, imposing a 9.9% tax on income of more than $1 million a year. Having also passed the state Senate, it will now go to the governor, who plans to sign it into law. Washington is currently one of only nine states with no state income tax, and the new rate would be one of the highest in the nation.

While Democratic legislators call it “the millionaire’s tax,” some taxpayers making far less as individuals will also be subject to the tax thanks to a steep marriage penalty. According to the legislation, the $1 million threshold for the tax applies to individuals, couples and domestic partners. So if a married couple each makes $600,000, their combined income of $1.2 million would trigger the tax.

“According to the statute, it doesn’t matter if you’re single or married, the exemption is $1 million,” said Joe Wallin, an attorney who advises companies and tech founders in Washington. “It should be called the half-millionaire tax.”

While marriage penalties are not uncommon in state or federal tax codes, Washington’s stands out for its size. Most states use two income thresholds for tax brackets, one for individuals and another for couples that’s usually twice as high. Some high-tax states, such as California and New York, only apply marriage penalties for the highest earners, according to the Tax Foundation, a nonprofit tax policy think tank.

In New York, for instance, the income thresholds for each bracket are doubled for joint filers through the 9.65% rate, which applies to income above $1,077,550 for single filers and $2,155,350 for joint filers. But for the special millionaire surtax rates of 10.3% and 10.9% — relevant to those making above $5 million and $25 million in income, respectively — the income thresholds are the same for joint and single filers.

In California, bracket thresholds double for joint filers, except for the 1% Mental Health Services Act, which applies to income above $1 million for both single and married filers.

Jared Walczak, senior fellow of the Tax Foundation, said the marriage penalties in New York and California are relatively small, amounting to a 1% tax rate difference in California and a 0.65% difference in New York. In Washington state, however, the difference can be up to 9.9%.

“In the most extreme case, if you had two single filers who both earned exactly $1 million, they would owe $0, but if they married and earned the same income, they would owe $99,000,” he said. “Washington’s marriage penalty will be the largest by far.”

The state’s Democratic lawmakers and governor haven’t specifically addressed concerns about the marriage penalty. State Sen. Noel Frame, who leads fiscal policy for the state Senate Democrats, said the standard deduction of $1 million per household is the same structure used for the state’s capital gains excise tax, passed by voters in 2021.

“As we work to make the two separate tax structures work together, having consistency in the deduction helps with both administration of the tax by our Department of Revenue and simplicity for taxpayers,” she said in a statement. “Since the tax doesn’t apply to income less than $1 million, there are many high-earning couples that still won’t see much of a tax impact even if their combined incomes are more than $1 million.”

Yet in a state that depends on highly skilled, highly paid workers at companies such as Amazon, Microsoft and other tech companies, many dual-income families could get hit with the tax, analysts said.

“There’s this idea that, ‘We’re just taxing rich dudes with yachts,’” said Brian Heywood, a Washington hedge-fund manager who founded Let’s Go Washington, a conservative political action committee opposed to the tax. “They’ve been less than honest with who they’re going after and what the numbers are.”

Wallin joked that some dual-earning couples might even explore a legal divorce for tax reasons, even if they want to stay effectively married. “The tax savings alone would more than pay the costs of a divorce lawyer,” he said.

The marriage penalty is the latest controversy for Washington’s new income tax, which has become a beacon in the Democratic Party’s movement to raise taxes on the wealthy. From Rhode Island and New York to Virginia and Michigan, Democrats in state legislatures are seeking to counteract rising inequality and federal funding cuts to health care by raising taxes on top earners. California is considering a ballot initiative to create the first state wealth tax, taxing the total net worth of the state’s billionaires.

Washington will be a closely watched experiment in the debate over the impact of higher state taxes on wealth migration.

Two of the state’s most celebrated entrepreneurs — Jeff Bezos of Amazon and Howard Schultz of Starbucks — have already left the state for Florida, which has no income tax. Bezos announced his move to Miami in 2023, after the state’s new capital gains tax of 7% took effect. He sold more than $9 billion worth of Amazon stock in 2024, effectively saving over $600 million in capital gains taxes that he would have had to pay to Washington state.

Schultz recently announced that he had moved from Seattle after 44 years. He said his family office will also move to Miami but that his foundation would continue to operate in Seattle.

“It is our hope that Washington will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas,” he wrote.

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Currently, 58.3% of the small-cap stocks in the BSE 500 index trade below their three-year average valuations compared with sub-50% levels seen in large and mid-cap segments. The valuation gap persists across longer horizons and technical indicators such as daily moving average (DMA), implying that small-caps are slipping into the oversold region faster than their larger counterparts.

When seven-year average valuations are considered, 46% of the small-caps in the sample are undervalued compared with 41% and 34% of the large-caps and mid-caps respectively. Stretching the horizon further to 10 years, 42% of the small-caps look cheaper compared with 37% large-caps and 39% mid-caps.

For the total sample of BSE 500 companies, over half or 52% are undervalued on a three-year horizon while the proportion falls to 41% and 31% for seven-year and 10-year horizons.

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GEOPOLITICS HURTS These stocks slipping into oversold region faster than larger peers

In addition, at present, 90% of the small-caps trade below their 200 DMA compared with 63% large caps and 74% midcaps. It implies that small caps are showing significant price exhaustion.

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For this analysis, companies in the BSE 500 index with a market capitalisation of ‘50,000 crore and above are considered as large-caps, those with market cap between ‘20,000 crore and ‘50,000 crore are designated as mid-caps and the remaining are assigned small-cap status. It broadly adheres to the distribution of 85-10-05 wherein top companies arranged in the descending order of their market caps form 85% of the total market cap of the index, mid-caps account for 10% and the remaining portion is assigned to small-caps.
Among the valuation parameters, price-book (P/B) multiple is used for banking and finance companies while price-earnings (P/E) multiple is considered in the case of non-lending companies that include manufacturing, services and trading enterprises.

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On 2 March 2006, the United States and India finalised a controversial nuclear deal, ending India’s three decades of international isolation over its nuclear policy.

Sweetening the deal, President George W Bush and Prime Minister Manmohan Singh announced cooperative agreements not just on nuclear power but also on the import of Indian mangoes.

Surya Elango speaks to Ronen Sen, the former Indian ambassador to the US.

(Photo: President George W Bush and Prime Minister Manmohan Singh on 2 March 2006. Credit: Jim Young via Reuters)

Eye-witness accounts brought to life by archive. Witness History is for those fascinated by and curious about the past. We take you to the events that have shaped our world through the eyes of the people who were there.

For nine minutes every day, we take you back in time and all over the world, to examine wars, coups, scientific discoveries, cultural moments and much more.

Recent episodes explore everything from how the Excel spreadsheet was developed, the creation of cartoon rabbit Miffy and how the sound barrier was broken.

We look at the lives of some of the most famous leaders, artists, scientists and personalities in history, including: the moment Reagan and Gorbachev met in Geneva, Haitian singer Emerante de Pradines’ life and Omar Sharif’s legendary movie entrance in Lawrence of Arabia.

You can learn all about fascinating and surprising stories, like the invention of a stent which has saved lives around the world; the birth of the G7; and the meeting of Maldives’ ministers underwater. We cover everything from World War Two and Cold War stories to Black History Month and our journeys into space.

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HONOLULU — Martial arts legend and action star Chuck Norris, whose unbreakable on-screen persona spawned countless internet memes and jokes about his invincibility, died Thursday, March 19, 2026, at age 86 following a medical emergency in Hawaii, his family announced Friday.

Norris was hospitalized on the island of Kauai after suffering an unspecified medical event, according to reports from TMZ and other outlets. He passed away the morning of March 19, with family members confirming the news via an Instagram post on March 20. “We are heartbroken to share that our beloved Chuck has left us,” the statement read in part. “He fought hard until the end, just as he always did. Thank you for the love and support.”

The announcement came just days after Norris celebrated his 86th birthday on March 10 with a video of himself training, captioned “I don’t age. I level up.” Fans had flooded social media with tributes marking the milestone, many joking that “death is too afraid to tell Chuck Norris” or referencing his famous one-liners. The sudden turn sparked an immediate outpouring of grief, disbelief and memes across platforms.

Born Carlos Ray Norris on March 10, 1940, in Ryan, Oklahoma, he rose from a challenging childhood marked by poverty and his father’s struggles with alcoholism to become a global icon. After serving in the U.S. Air Force during the Korean War era, where he discovered martial arts, Norris earned black belts in multiple disciplines, including Tang Soo Do, Taekwondo and Brazilian jiu-jitsu. He founded his own system, Chun Kuk Do, and opened a chain of karate schools.

His film career exploded in the 1970s with roles opposite Bruce Lee in “Way of the Dragon” (1972), where his showdown with Lee in the Colosseum remains one of cinema’s most iconic fight scenes. Norris starred in a string of 1980s action hits, including “Lone Wolf McQuade,” “Missing in Action,” “The Delta Force” and “Invasion U.S.A.,” often playing stoic, patriotic heroes who dispensed justice with roundhouse kicks and minimal dialogue.

Television cemented his legacy with “Walker, Texas Ranger” (1993-2001), where he portrayed Cordell Walker, a modern-day Texas Ranger blending martial arts with moral lessons. The show ran for eight seasons and spawned a dedicated fanbase, with reruns still airing worldwide. Norris appeared in later projects like “The Expendables 2” (2012) and voiced characters in animated series, but largely stepped back from acting after 2005 to focus on family, faith and philanthropy.

Through Kickstart Kids, his non-profit founded in 1990, Norris taught karate and life skills to thousands of Texas schoolchildren, emphasizing discipline, respect and anti-drug messages. He authored books on fitness, philosophy and Christianity, and maintained an active presence on social media into his 80s, sharing workout videos, inspirational messages and family photos.

Norris’ public persona blended rugged individualism with folksy humor. He became a cultural phenomenon through “Chuck Norris Facts” — internet jokes from the mid-2000s claiming absurd feats like “Chuck Norris doesn’t do push-ups; he pushes the Earth down” or “Death once had a near-Chuck Norris experience.” The memes turned him into a symbol of toughness, often played for laughs even as he embraced his real-life roles as husband, father of five and grandfather.

In recent years, Norris remained remarkably active. He continued training, advocated for veterans and shared health tips. His ex-wife Dianne Holechek’s death in December 2025 from dementia drew public condolences, with Norris posting heartfelt tributes. He remarried Gena O’Kelley in 1998, and the couple had twins; family remained central to his life.

The medical emergency that led to his death was not detailed publicly, but reports indicated he was in good spirits during hospitalization before his condition deteriorated. No official cause has been released pending family wishes and any autopsy results.

Tributes poured in from Hollywood, the martial arts community and fans worldwide. Co-stars from “Walker, Texas Ranger,” including Clarence Gilyard Jr. (who predeceased him) alumni, and modern action stars like Dwayne Johnson and Jason Statham posted memories. President-elect figures and conservative commentators, with whom Norris aligned politically, praised his patriotism and values.

Norris’ passing marks the end of an era for action cinema’s golden age. While his films often prioritized spectacle over nuance, they inspired generations of martial artists and viewers who saw in him an embodiment of perseverance.

Funeral arrangements have not been announced, with the family requesting privacy during mourning. A public memorial is expected, likely drawing crowds to honor the man who once quipped that roundhouse kicks solve everything.

In death, as in life, Chuck Norris leaves an indelible mark — a legend whose real strength lay not in invincibility myths, but in discipline, faith and quiet determination. Rest in peace, Chuck.

Teenage darts sensation Luke Littler has applied to trademark his own face in a landmark move aimed at protecting his image from AI-generated fakes and unauthorised commercial use.

The 19-year-old, already a two-time World Darts Championship winner, has submitted an application to the UK Intellectual Property Office as concerns grow over the rapid rise of deepfakes and AI-generated content exploiting public figures.

Littler’s likeness is already widely used across commercial products, from branded dartboards and video games to food items, reflecting his meteoric rise as one of the most marketable names in British sport. He has previously secured trademark protection for his nickname “The Nuke” in the United States, underlining the increasing value of his personal brand.

The latest move signals a growing trend among high-profile athletes and celebrities seeking to protect their identity in an era where AI tools can replicate faces and voices with alarming accuracy.

Graeme Murray, a trademark attorney at Marks & Clerk, said such applications are becoming more common as public figures attempt to safeguard their image. He noted that AI-generated content poses a “genuine threat” to the commercial value and goodwill associated with well-known individuals.

“The objective is to create exclusivity around a recognisable appearance that consumers associate with one individual,” he explained. “This prevents third parties from exploiting that identity without consent, particularly in commercial settings.”

The legal landscape, however, remains uncertain. Unlike some jurisdictions, the UK does not recognise a formal “right of personality”, meaning individuals have limited protection over the commercial use of their likeness outside existing intellectual property frameworks.

Iain Connor, intellectual property partner at Michelmores, warned that trademarking a face is not a comprehensive solution. “Even if successful, trade mark protection is limited to specific categories of goods and services,” he said. “It is not a silver bullet against deepfakes.”

He added that previous attempts to protect identity through trademarks have produced mixed results, citing successful and unsuccessful cases involving public figures. The challenge lies in proving that a face or likeness functions as a distinctive commercial identifier.

The move comes as policymakers and legal experts increasingly debate how to regulate AI-generated content. The UK government has already acknowledged potential gaps in existing copyright and IP frameworks, with discussions underway about introducing new “personality rights” to better protect individuals from digital replication.

Littler’s application therefore represents not only a commercial strategy but also a test case for how far current intellectual property law can stretch in the age of generative AI.

Away from the courtroom, Littler continues to dominate on the oche. Fresh from a dramatic comeback victory over Gerwyn Price in Dublin, he admitted he is still adapting to the pressures of fame and fan scrutiny.

But as his profile continues to grow, so too does the need to protect it, not just from rivals on the darts circuit, but from the increasingly sophisticated capabilities of artificial intelligence.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

SYDNEY — Commonwealth Bank of Australia (ASX: CBA), the nation’s largest lender by market capitalization, closed lower Friday amid elevated trading activity and ongoing volatility in the financial sector, finishing at A$175.64, down A$1.72 or 0.97% from Thursday’s close of A$177.36.

The decline came on robust volume of approximately 5.74 million shares traded, well above the four-week average, as investors digested recent economic signals and repositioned portfolios. CBA opened at A$178.00, reached an intraday high of A$179.56 but retreated to the session low of A$175.64 before settling at the bottom of the range. The weighted average price (VWAP) hovered around A$176.00, reflecting selling pressure throughout the day.

Friday’s performance extended a pattern of choppy trading for CBA shares in March 2026. The stock has fluctuated between recent highs near A$180 and support levels around A$175, influenced by broader ASX movements and sector-specific factors. Year-to-date in 2026, CBA has gained about 9.4%, building on a strong 20% rise over the past 12 months, though it remains below its 52-week peak of A$192.00 reached in mid-2025.

The pullback aligns with a softer tone across Australian equities, where the benchmark S&P/ASX 200 index has faced headwinds from global interest rate uncertainty and commodity price swings. Banking stocks, which dominate the index due to the “big four” lenders’ weightings, have been particularly sensitive to expectations around Reserve Bank of Australia (RBA) policy and net interest margin pressures.

CBA’s recent half-year results, released in February 2026, provided a strong backdrop for earlier gains. The bank reported record cash net profit after tax of A$5.45 billion for the six months to December 31, up 6% from the prior period and beating consensus estimates. The outcome reflected market share gains in home loans, business lending and deposits, alongside stable credit quality and contained arrears. An interim dividend increase to A$2.35 per share, fully franked, underscored confidence in capital levels and earnings resilience.

However, analysts have cautioned that the post-results rally may have run its course. TradingView data shows a consensus leaning toward sell or strong sell ratings from most covering analysts, with an average price target implying significant downside potential from current levels. Some forecasts suggest CBA could trade as low as A$90 in extreme scenarios, though more moderate views point to A$130-155 over the next 12 months. The bank’s high price-to-earnings ratio of around 28 times trailing earnings has fueled debate about valuation sustainability in a potentially higher-for-longer rate environment.

Friday’s trading saw no major company-specific news driving the move, but broader commentary highlighted concerns over operating expenses, which rose 5% in the half-year update, including a 10% jump in technology spending. Investors continue monitoring how CBA balances digital investment with cost discipline amid competitive pressures from fintechs and other banks.

Dividend yield remains attractive at approximately 2.82% based on recent payouts, drawing income-focused investors even as growth expectations moderate. The upcoming final dividend payment, expected later in the year, will be a key focus, along with any guidance on full-year profit outlook.

CBA’s market capitalization exceeds A$290 billion, making it a cornerstone of the ASX 200 and a bellwether for the Australian economy. Its performance often influences sentiment toward the broader banking sector, including peers like Westpac, NAB and ANZ.

Looking ahead, traders will watch for RBA commentary on inflation and rates, potential shifts in housing market dynamics and any updates on credit growth. With the interim dividend ex-date already passed and payment scheduled for late March, focus may shift to the next earnings cycle in August.

Despite Friday’s dip, CBA shares have shown resilience in 2026, benefiting from Australia’s robust economic fundamentals and the bank’s dominant retail franchise. Analysts describe it as a high-quality name with strong capital buffers, though near-term headwinds from margin compression and subdued credit expansion could cap upside.

As markets close the week, CBA’s retreat underscores the challenges facing Australia’s biggest bank in navigating a complex macro landscape. Investors remain divided: some see value in the yield and stability, while others anticipate further consolidation or correction as valuations adjust to evolving rate expectations.