Lawmakers puzzle over taxes, cuts and consequences
By The Herald Editorial Board
Give Democrats in the state Legislature credit for seeking to turn crisis into opportunity; by proposing a slate of tax changes and increases that in addition to avoiding substantial cuts in order to backfill an estimated $16 billion budget gap over the coming four years, at the same time looked to bring more fairness to the state’s tax system.
Then credit Republicans in Olympia and Democratic Gov. Bob Ferguson and state Treasurer Mike Pellicciotti for urging restraint as lawmakers over the next three weeks work to hammer out a budget for the next two fiscal years.
Among the tax proposals offered by Democrats in the Senate and House:
A wealth tax that would collect $8 (House proposal) or $10 (Senate proposal) on every $1,000 for those with more than $50 million in stocks, bonds and similar assets, and paid by about 4,300 of the state’s wealthiest residents. The tax was estimated to bring in about $4 billion a year starting in the 2027 fiscal year, earmarking those funds for public schools.
https://www.heraldnet.com/opinion/editorial-lawmakers-puzzle-over-taxes-cuts-and-consequences/
= new reply since forum marked as read
