Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
DOR report: a state-level wealth tax could be administered, but valuation, compliance and enforcement pose major challenges
Summary
The Department of Revenue's November 2024 report to the Legislature said Washington could administer a wealth tax if lawmakers enact one, but international and U.S. experience show valuation of nonmarket assets, evasion and taxpayer mobility create enforcement and revenue reliability risks.
The Washington State Department of Revenue presented its November 2024 wealth-tax research to the House Finance Committee on Jan. 14, concluding that while the department believes a wealth tax could be administered in Washington, significant valuation, compliance and enforcement challenges would accompany any such law.
Steve Ewing, legislative and external affairs liaison for DOR, summarized the department’s work: staff reviewed international experience, surveyed other jurisdictions, consulted tax administrators abroad and assessed administrative requirements. "If the legislature proceeds with a wealth tax proposal, it should carefully consider factors such as compliance, valuation, tax planning, mobility and evasion," Ewing said.
Why this matters: several high-profile proposals and the governor's budget earlier this year referenced wealth…
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
