OLYMPIA — A bill introduced today in the House which would allow counties with populations of more than 2 million to impose an excise tax on business is a valuable step in reforming the state’s upside-down tax system, Sen. Joe Nguyen (D-White Center) said.
“In one of the richest cities in the richest country in the world, we shouldn’t be seeing our communities struggle so much,” Nguyen said. “Washington State has the most regressive tax code in the entire country, and it’s unacceptable that our laws trap those with the smallest incomes at the bottom while the richest keep moving up.”
House Bill 2907 would impose a 0.1% to 0.2% tax on companies that pay their employees more than $150,000 per year. Seattle city officials estimate that the tax could raise up to $120 million a year to be used to address the homelessness crisis in King County. The money would be used to build more affordable housing and fund programs that aim to prevent homelessness.
“This is one step closer to the progressive tax reform we need in Washington,” said Nguyen. “We aren’t all the way there yet, but I’m optimistic to see the pathway forward that this bill offers.”
For information: Courtney James, Senate Democratic Caucus Communications, (360)-786-7853