WHEREAS the Washington State Democrats have called for fair and just tax system for all; by creating a progressive wealth tax;[1] and the 43rd LD Democrats have endorsed a wealth tax; and,
WHEREAS Washington State has the most regressive tax system in the country, with the bottom 20% of Washington’s lowest-income residents paying nearly 18% of their income for state and local taxes, while those in the highest 20% income bracket pay less than 7% of their income for state and local taxes;[2] and,
WHEREAS Senate Bill 5486 and House Bill 1473, which are titled “Investing in Washington families and creating a more fair tax system by enacting a narrowly tailored property tax on extreme wealth derived from the ownership of stocks, bonds, and other financial intangible property,” propose a 1% tax on financial property with an exemption of $250 million, and the revenue collected will fund public education, housing, disabilities, and taxpayer justice; and,
WHEREAS SB 5486 and HB 1473 would generate more than $6 BILLION per biennium for Washington (according to SB 5486’s fiscal note), and affect about 700 Washingtonians fortunate enough to have more than $250 million in wealth; and,
WHEREAS Washington State is facing a crisis in funding for public schools, housing and homelessness, development disability services, climate change resilience, public transit and transportation, physical and mental health care, and more;
THEREFORE, BE IT RESOLVED that the 31st LD Democrats support the creation of a wealth tax–through SB 5486 and HB 1473–to fund needed services for Washingtonians, such as public education, housing, disability programs and supports, climate change resilience, public transit and transportation, and health care; and,
BE IT FURTHER RESOLVED that the 31st LD Democrats call on all Democrats in the Washington State Legislature–and especially our three legislators: Senator Fortunato, Representative Stokesbary, and Representative Robertson–to wholeheartedly support passing SB 5486 and HB 1473.
[1] Washington State Democrats 2022 Passed Platform, lines 1674-76. 2022-Washington-State-Democrats-Platform-Passed-6-25-2022.pdf (wa-democrats.org)
[2] https://itep.org/whopays/washington/
Submitted to the 31st LD Democrats for the 2023 February meeting by Robin Macnofsky.
