OLYMPIA, Wash. — A new wealth tax on billionaires will be heard by the state house Finance Committee Wednesday morning.
HB1406 was co-sponsored locally by 40th District Representatives Debra Lekanoff and Alex Ramel, both democrats.
It would impose a 1% annual tax on assets over a billion dollars, with monies going into a so-called “tax justice and equity fund.”
Supporters say Washington state has one of the most regressive tax systems in the country, with no income tax, a weak corporate tax system, and an over dependence on sales taxes.
Opponents of the bill call its support by billionaires “virtue signaling” and say it would drive more businesses from the state.
The Department of Revenue estimates the wealth tax would collect over 2.5 billion dollars by 2024 if signed into law.