Sen. Noel Frame, Rep. My-Linh Thai, and community leaders will hold a virtual press conference on Thursday, Jan. 19, to announce the introduction of a Washington state wealth tax.
The legislation would create a narrowly tailored property tax on extreme wealth derived from the ownership of stocks, bonds, and other financial assets, with the proceeds dedicated to education, housing, disability services, and tax credits for working families. The first $250 million of assessed value is exempted, meaning only the wealthiest people in Washington would pay it, including some of the wealthiest individuals in the world.
Washington’s tax code is rated the worst for working people in the nation, with our lowest income residents paying 17% of their income in state and local taxes while the highest-income households pay 3% or less.
The event will be:
- 12:45–1:15 p.m., Thursday, Jan. 19
- Conducted via Zoom. Please RSVP to Alex.Bond@leg.wa.gov for the Zoom link.
Speakers will include:
- Noel Frame – 36th Legislative District
- My-Linh Thai – 41st Legislative District
- Ginger Kwan – Executive Director, Open Doors for Multicultural Families
- Patience Malaba – Executive Director, Housing Development Consortium
- Julianna Dauble – President, Renton Education Association
- Shaun Scott – Policy & Field Campaign Manager, Statewide Poverty Action Network
Speakers will discuss the legislation, the need to balance Washington’s upside-down tax code, and the investments the bill would fund, and will take questions from the media.