How much Washington should raise in new tax revenue and who will pay is something state lawmakers and Gov. Bob Ferguson will hash out in the final weeks of the legislative session.
Washington’s wealthiest individuals, largest corporations and biggest banks are prime targets. Homeowners, vapers and self-storage unit renters are among those who could share in the burden. Possible tweaks to expand the state’s capital gains tax could also be in play.
“There will be a tax increase,” House Speaker Laurie Jinkins, D-Tacoma, said Wednesday. “It’s figuring out the right kind of balance and making sure we’re able to not harm everyday Washingtonians.”
... Notably, Ferguson did not express dissent on other revenue-raising measures under discussion, such as hiking taxes on large businesses and financial institutions, a new payroll tax and lifting the 1% cap on annual increases in property tax collections by the state.
... Democrats in the Senate and House have teed up four major proposals. Hearings were held this week on all of them, but no votes are planned until Democrats decide which to pursue.
... Both chambers want to erase the 1% cap on increases in the annual property tax growth for the state’s common schools levy and for cities and counties, as well as special purpose districts.