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Department of Revenue says it could administer a wealth tax but flags valuation, compliance and staffing challenges
Summary
The Department of Revenue told the House Finance Committee a November 2024 report surveyed international and state experiences with wealth taxes and concluded DOR could administer a wealth tax if the Legislature enacted one, but valuation of nonmarket assets, evasion risk and resource needs present significant hurdles.
Steve Ewing presented findings from a DOR report on wealth taxes to the House Finance Committee on Jan. 14, describing administrative challenges and lessons from other jurisdictions.
DOR summary: The report — produced under a budget proviso — reviewed proposals in Washington and other jurisdictions, surveyed administrators in countries that levy wealth taxes and cataloged practical challenges including asset valuation, enforcement and taxpayer mobility. DOR concluded it can administer a wealth tax if the Legislature enacts one, but the department warned that valuation of nonmarketable assets and enforcement costs are substantial.
Why it matters: Wealth tax proposals have risen in prominence…
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