||| FROM KOMO NEWS |||


Lawmakers in Olympia will hold a hearing Thursday on a bill that would tax the wealthiest people living in Washington state.

Senate Bill 5486, which is sponsored by Sen. Noel Frame (D-Seattle), would create a “narrowly tailored property tax on extreme wealth derived from the ownership of stocks, bonds, and other financial assets.” The first $250 million of assessed value would be exempt from the tax.

The 1% property tax on the financial assets is expected to generate around $3 billion a year and would go towards education, affordable housing, disability services and tax credits.

“Making the wealthy few pay what they owe in taxes would allow us to fund our communities with the quality schools, affordable housing, and services our neighbors with disabilities need to thrive,” Frame said. “This is a commonsense bill that ensures that some of the richest people in the world pay property taxes on their assets just like middle-class families who own a home pay taxes on theirs.”

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