Bill Status

Wealth Tax

The state wealth tax would collect a 1% property tax from multi-millionaires and billionaires by taxing wealth held in stocks, bonds, and other financial intangible property above $250M that currently remains untaxed by Washington’s revenue system. Only the wealthiest in our state—fewer than 0.01% of Washingtonians—would ever pay. We’re talking private-jet-level wealth here. Successful tech professionals and even pro athletes wouldn’t qualify.
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Legislators in favor of this bill

Latest stances

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District
Last updated 6/29/21
Legislators who oppose this bill
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Last updated 6/29/21

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Legislators with unknown positions for this bill

Latest stances

name
Position
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District
Last updated 6/29/21

House Timeline (50 votes needed)

Filed

Policy Committee

Ways & Means

Rules Committee

Floor Vote

Passed!

  • Filed as HB 1473
  • It is in the Finance Committee
  • It was then stuck in another finance ("Appropriations") Committee
  • Could've been fact-checked by "Rules"
  • The whole House could've voted on the bill, and then it must go through the same process SB 5426 did (listed below)
  • Both chambers could've voted on the bill

Senate Timeline (25 votes needed)

Filed

Policy Committee

Ways & Means

Rules Committee

Floor Vote

Passed!

  • Bill filed as SB 5486
  • It is in the finance ("Ways & Means") Committee
  • Could've been fact-checked by "Rules"
  • The whole Senate could've voted on the bill
  • Both chambers could've voted on the bill

Progress

Progress towards approval

Related Reading

Our state did pass a similar Capital Gain's Tax
Jun 12
Here's the difference between this Wealth Tax and others years' [yes, plural]
Jun 12
📝  Closing Investment Loophold
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