A wealth tax is one of the options being considered to address the state’s budget shortfall and was included in Governor Inslee’s proposed operating budget. The House Finance Committee work session will feature a presentation by the Department of Revenue (DOR) on its recent Wealth Tax Report. The Legislature commissioned the report from DOR to analyze wealth taxes in other states and countries and examine the feasibility here in Washington state.

The Governor’s proposal would impose a 1% tax on Washington residents with wealth over $100 million, estimated to impact approximately 3,400 individuals.

Dates to remember

The House Finance Committee work session is scheduled for Tuesday, January 14 at 8 am.