Washington Governor Jay Inslee proposes taxing wealth over $100M to avoid budget cuts in education and health.

Outgoing Washington Governor Jay Inslee proposes a wealth tax on personal assets over $100 million to address a $16 billion budget shortfall over four years, aiming to generate $10.3 billion and prevent cuts to education, mental health services, and police. The proposal includes increased taxes on about 20,000 businesses with over $1 million in annual income and $2 billion in spending cuts or delays. Republicans criticize the plan, arguing it encourages tax avoidance.

December 17, 2024
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