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...