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DOR report to House Finance: Washington could administer a wealth tax but valuation, evasion and compliance pose major challenges
Summary
Steve Ewing of the Department of Revenue presented DOR’s November 2024 wealth tax report to the House Finance Committee on Jan. 14, saying the department believes it could administer a wealth tax if enacted but that valuation, evasion, and compliance pose significant challenges.
Steve Ewing, legislative and external affairs liaison for the Washington Department of Revenue, presented the department’s November 2024 wealth tax report to the House Finance Committee on Jan. 14. The report, required by proviso in the last operating budget, examined wealth tax proposals in other U.S. states and countries, administrative practices abroad, and the capacity of Washington’s tax system to adopt a recurrent tax on the value of financial intangible assets.
DOR defined a wealth tax for the study as a recurrent tax on the value of assets a person owns, often focused on financial intangibles. The report surveyed recent U.S. proposals (including California, Hawaii, Illinois and New York proposals) and noted several countries…
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