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30th LD Feedback on Revenue Proposals in 2025-27 Proposed Budgets

The following House & Senate proposals are being considered to balance the budget deficit.

1.Which 30th LD community do you live in?(Required.)
As we finalize the 2025-27 biennial budgets, please share your thoughts on proposed revenue measures. It’s vital that we balance our budget deficit while protecting vulnerable populations and not overburdening working families.
2.House Proposed Financial Intangible Assets Tax (FIT) – This tax applies to the richest .05% of taxpayers in WA, and imposes a property tax of $8 on every $1000 of assessed value on certain financial intangible assets, such as stocks, bonds, mutual funds, and index funds, with the first $50 million in assessed value exempt from the tax.
3.House Proposed School & Public Safety Funding Adjustments – The proposal allows property tax growth to reflect inflation and population increases (capped at 3%), ensuring rural school districts receive fair funding, raising $50 million in 2026 and $150 million in 2027 for K-12 schools.
4.House Proposed Surcharge on High-Grossing Corporations – Large corporations and financial institutions making over $250 million a year will pay a modest surcharge, generating nearly $2 billion by 2027 to protect public services, without affecting small businesses.
5.Senate Proposed Property Tax – This allows property tax growth to increase from the current 1% cap to the combined rate of population growth plus inflation, generating an estimated $779 million over four years.
6.Senate Proposed Business Tax – A statewide version of Seattle’s JumpStart tax would impose a 5% tax on payroll expenses above $176,100 for large employers, raising about $2.3 billion per year starting July 1, 2026.
7.Senate Proposed Sales Tax Reduction – Starting January 1, 2027, the state sales tax would decrease from 6.5% to 6%, resulting in a $1.3 billion loss annually to the state general fund.
8.Senate Proposed Tax Breaks – Repealing 20 tax exemptions considered obsolete or ineffective, including for gold bullion and prescription drug wholesalers, would generate $1 billion.
9.Senate Proposed Wealth Tax – Targeting individuals with wealth above $50 million, this proposed tax of $10 per $1,000 of certain financial assets would raise approximately $4 billion annually starting in 2027.
10.Between the revenue options in the House and Senate proposals, which overall proposal to do you support more?
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