Mill Creek Beacon - Your Hometown News Source

By Patric Haerle
WNPA News Service 

Democrats push new tax on billionaires

Could raise $5 billion from fewer than 100 taxpayers

 

Last updated 2/9/2021 at 4:16pm



Detractors fear plan could drive Washington’s wealthiest out of state

House Democrats are rallying around a proposal to tax Washington State’s billionaires.

House Bill 1406 would impose a 1 percent tax on intangible assets, such as money or stocks, on people whose wealth exceeds $1 billion.

The Washington State Department of Revenue estimates the tax would raise close to $5 billion from 2023 through 2025 and affect fewer than 100 state residents. Revenue raised by the plan would fund tax relief for low-income individuals and contribute to the state general fund.

The department also not...



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