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WHAT: The House Finance Committee just approved HB 1406, a bill to put a 1% tax on wealth greater than $1,000,000,000.
This will fund a new tax relief for low and middle families, including new property tax exemption for include low and middle income families facing displacement.
Even during the coronavirus pandemic, the wealthy have become even richer.
The wealth of billionaires like Jeff Bezos has increased by $1,000,000,000,000.
At the same time, small businesses are struggling to keep their doors open, and families across this state are struggling to keep a roof over their head and food on the table.
The recession is landing hardest in low income communities – white, Black, and brown – that already pay the highest tax rates in the state. Washington is the worst in the nation when it comes to making the ultra-rich pay their share.
Now is the time to reform WA’s tax code to ensure that all Washingtonians contribute to our state’s future.
HB 1406 would:
HB 1406 would NOT apply to stocks, bonds or other intangible wealth worth less than $1 billion.
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