Proposed ‘Billionaire Tax’ Heads to Olympia, as Washington Democrats Seek to Revamp Tax System

A new idea to flip Washington’s regressive tax system goes straight to the top: it seeks to tax the state’s billionaires.

Sponsored by Rep. Noel Frame, D-Seattle, House Bill 1406 would apply a 1% tax on a state resident’s taxable intangible wealth above $1 billion.

If passed, the tax, which would impact fewer than 100 people — but would raise a torrent of money. A fiscal analysis of the bill estimates it would bring in $4.95 billion in the 2023-25 budget cycle.

That’s equal to nearly 10% of the existing two-year state operating budget when it was signed into law at $52.4 billion.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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