Washington State Weighs One Percent Wealth Tax

Washington Governor Jay Inslee (D) proposed a wealth tax designed to increase the state’s revenue.

The 1 percent wealth tax would apply to residents with a worldwide net worth exceeding $100 million.

According to Fox 13 Seattle, the tax would affect about 3,400 residents and generate $10.3 billion over four years.

A spokesman for the state’s Governor-elect, Bob Ferguson (D), is reviewing the proposal.

“We cannot survive as a healthy robust community that believes we’re treated fairly while we have this level of poverty and want amidst this enormous wealth. There has to be some mechanism so that working people have a way to survive in an economy that generates this much wealth,” Inslee said. “I have proposed one way to do that, there may be other ways, but in some fashion, we need to bring more equity to our society I believe that’s absolutely required by any common sense of fairness.”

He added that the “community is deserving of a fair tax system that will not have massive homelessness and hunger and single parents who can’t afford their kids’ food. And that’s what we’re trying to accomplish.”

Washington Republicans condemned the proposal. State Rep. Travis Couture told Fox 13 Seattle in an emailed statement, “Governor Inslee’s $13 billion tax hike and reckless spending increase show just how out of touch his administration is with the financial realities facing Washington families.”

Inslee also proposed raises taxes on businesses, The Seattle Times reported. The plan would “start with a temporary one-year 20% business and occupation tax rate increase on bigger businesses, followed by a 10% boost in business tax rates,” according to the outlet.

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