Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Department of Revenue report: Washington could administer a wealth tax but valuation, compliance, and revenue reliability pose major challenges
Summary
DOR’s report surveyed international and interstate experience and concluded the department could administer a wealth tax if enacted, but highlighted valuation, enforcement, mobility, and reliability issues that would require substantial policy and administrative design choices.
The Department of Revenue presented its November 2024 report on wealth taxes, telling the House Finance Committee that while the agency believes it could administer a wealth tax if the Legislature enacted one, the practical challenges—valuation of nonmarket assets, enforcement and evasion risk, taxpayer mobility, and uncertain revenue—are significant.
Steve Ewing, legislative and external affairs liaison for the Department of Revenue, said the report reviewed recent U.S. proposals and international experience and noted that wealth taxes generally tax the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
