Our state is facing a revenue shortfall over the next four years. Instead of balancing the budget on the backs of Washingtonians living on a low income like we did during the Great Recession, the House and Senate have released budget proposals that ask our state’s wealthiest residents to pay their fair share.
On Thursday, April 3, the House Finance Committee is hearing three bills which impose reasonable taxes on the ultra-wealthy and large corporations:
HB 2045: Imposes a tax of 1% on large businesses that earn taxable income over $250 million per year. Would generate $600 million in 2026 and $2 billion in 2027 dedicated to maintaining critical programs that support working families. This bill currently includes an exemption for manufacturing companies that would cut the potential revenue in half. We are asking the House to remove this exemption.
HB 2046: A tax on excessive stock market wealth and other intangible financial assets. Imposes a tax of $8 on every assessed $1000 of value on stocks, bonds and mutual funds for people with over $50 million in assets, with the first $50 million remaining untaxed. Would generate $2 billion per year dedicated to K-12 education.
HB 2049: Moves the authority on property tax from the state to the local level and adjusts the school funding formula. Maintains the 1% cap on property tax growth. Would create $200 million for K-12 education over the next two fiscal years.
As lawmakers face difficult decisions about the budget in the weeks ahead, the choice to support these progressive revenue options is an easy one. Instead of making drastic cuts that would hurt families already struggling to make ends meet, these revenue options ask our state’s wealthiest to see a small blip on their balance sheet. Washington has a clear opportunity - with progressive revenue, we can meet this budget shortfall and maintain funding for vital programs that support our state's most vulnerable residents.
Sign in PRO on the House's revenue bills by 7am on April 3:
