New taxes
Senate Democrats emphasize making the state’s tax code more progressive, so that lower-income Washingtonians pay less in taxes than the wealthy. They’re proposing a wealth tax of $10 on every $1,000 worth of stocks, bonds and funds held by people with more than $50 million in assets. This would bring in about $4 billion a year to fund public schools and special education.
Senate Democrats are also proposing a 5% tax on employers with payroll costs of $7 million or more. That would bring in $2.3 billion each year to support schools, health care and public safety. The proposal also would allow the Washington state, city and county
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