Push is on to tax the super rich and legalize jaywalking
2023 Washington Legislature, Day 36 of 105
OLYMPIA, Feb. 13, 2023 Happy Monday. Weve got a holiday tomorrow and a legislative cut-off come Friday. Thats a recipe for a few broken hearts.
Valentines Day will begin with an early morning show of love for taxing the super wealthy. It will come in the form of an 8 a.m. hearing on House Bill 1473 in the House Finance Committee. Theres yet to be as much love given the companion Senate bill.
The proposal would treat stocks, bonds and other financial assets as property, and impose a 1% tax on that property. The first $250 million of assessed value would be exempt. Proceeds would be funneled into education, housing, disability services and tax credits for working families.
A lot of Democrats love this wealth tax. Forty-three in the House and 19 in the Senate signed on as sponsors. Republicans are not enamored with it at all. And this idea didnt pass muster with the bipartisan Joint Tax Structure Work Group tasked with exploring ways to make the states tax system fairer for all.
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