Business and Finance
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Business and Finance
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Washington House Democrats Unveil Bold Tax Reform Proposals to Bridge $15B Budget Gap and Bolster School Funding

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House Democrats in Washington propose revenue bills for economic equity, targeting wealthy individuals and large corporations to address a $15 billion shortfall.
The Washington House Democrats have introduced a series of tax reform proposals aimed at addressing a projected $15 billion budget shortfall over the next biennium and enhancing funding for public schools. Key proposals include a new capital gains tax on high earners, an increase in the state's business and occupation (B&O) tax for certain industries, and the introduction of a graduated real estate excise tax (REET) to make property transactions more equitable. Additionally, they plan to close tax loopholes, such as those benefiting out-of-state banks and large corporations, to generate more revenue. These measures are designed not only to stabilize state finances but also to ensure that wealthier individuals and corporations contribute more fairly to the state's revenue, thereby supporting education and other critical public services.

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