Democrats in Washington Legislature reveal sweeping new tax plan

Democratic lawmakers in Washington are beginning to lay out the buffet of tax increases they want to use to fill most of a $16 billion state budget shortfall.

There are hikes in business and capital gains taxes, new sales taxes on services and greater property tax collections by the state and local governments.

Other selections include an increase in a surcharge on technology companies, an expanded tax on nicotine products, and a mandate for some large businesses to make a one-time pre-payment of sales tax owed to the state.

Major financial institutions will pay a little more, too. And there’s a surcharge on corporations with more than $250 million in annual revenue that starts Jan. 1, 2026, and lasts four years. Among those exempted from that surcharge is Boeing.

https://washingtonstatestandard.com/2025/04/15/democrats-in-washington-legislature-reveal-sweeping-new-tax-plan/