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Governor Proposes Balanced Budget with 1% Wealth Tax on Fortunes Above $100 Million
Summary
The governor proposed a balanced state budget that pairs about $2 billion in reductions with new revenue proposals, including a 1% wealth tax on assets above $100 million projected by the governor to raise roughly $10.3 billion over four years; the plan also includes B&O adjustments, program closures and pauses.
The governor presented a proposed balanced budget and a package of revenue changes Monday that would combine roughly $2 billion in reductions or delays with new taxes aimed at wealthy residents and certain businesses.
"We are proposing a balanced budget," the governor said, framing the proposal as a starting point for legislative discussion and emphasizing an intent to protect services for working families while asking wealthier residents to contribute more.
The centerpiece is a proposed 1% wealth tax on net assets exceeding $100,000,000. According to the governor, that levy would generate about $10,300,000,000 over four years and would affect "just over 3,000" Washington residents. The governor described the tax as "modest," saying it would apply only to amounts above the $100 million threshold and would be less volatile than the capital gains tax because it taxes long-term holdings rather than sales.
The governor said the state's Department of Revenue evaluated the concept and "believe[s] it is . . . an effective proposal that can actually raise dollars in…
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