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Department of Revenue: wealth-tax report finds administration possible but highlights valuation and compliance challenges
Summary
DOR told House Finance that while a state wealth tax could be administered, significant challenges remain—especially valuing nonmarket assets and preventing evasion—and recommended careful statutory design and sufficient enforcement resources.
The Department of Revenue presented its statutorily required 2024 study on wealth taxes to the House Finance Committee on Jan. 14, concluding that Washington could administer a wealth tax but that valuation, compliance and enforcement present significant challenges.
Steve Ewing said the DOR report surveyed other U.S. proposals (California, New York, Illinois, Hawaii) and foreign examples (Argentina, Spain, Switzerland and others), and that several countries have repealed wealth taxes in recent…
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