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Short URL: https://seattledsa.org/?p=23775
RSVP to join a conversation to brainstorm, strategies, and gauge capacity in a statewide campaign to support getting a billionaire tax passed in Washington State. We could do anything from postering to petitioning billionaires, to direct action. Let’s decide together!
RSVP here: https://actionnetwork.org/events/washington-state-dsa-tax-the-rich-organizing-meeting?source=direct_link&
If you have questions, please email [email protected]
Washington State has one of the most regressive tax codes in the United States. We tax the growing population of poor and working people more than the bloated billionaires who locally drive the global tech industry.
For over 15 years, progressives have worked to pass legislation to impose an income tax on the uber rich in this state to little avail. Since Wa. Supreme Court cases from 1934 and 1951, income tax has been ruled unconstitutional in the state. Yet, there are some creative measures advocates are working on to pass a wealth tax again in the upcoming 2021-22 Washington State Legislative Session. Passing this legislation could lead to legal reconsiderations of these outdated rulings.
Chair of the Finance Committee, Rep. Frame introduced HB1406 in the 2020-21 session, guaranteeing it to get a hearing this session. HB1406 would implement a 1% tax on billionaire’s non-tangible wealth, i.e. stocks, bonds. HB1406 would lead to more than $2.5 billion in revenue for the state a year and would only impose a tax on around 30-50 of the richest individuals in the state. According to one estimate, Jeff Bezos would pay $1.9 billion a year alone in taxes to Washington State.
Many organizations and coalitions are working on this project, including Invest in Washington Now and Economic Opportunity Institute. For more background on plans to tax the rich in washington visit these resources:
If you are interested in getting involved in the effort to get this legislation passed, there are a number of opportunities you can take. Please RSVP to our upcoming meeting, so we can get together to strategize for the upcoming legislative session.
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