Washington Democrats bet big on ‘wealth tax’ aimed at state’s billionaires

A bill in the Washington Legislature seeks to increase taxes on the state’s top earners.

Under House Bill 1406, top earners would see a 1% tax applied to paper assets such as cash, bonds, pensions, and stocks in excess of $1 billion. Treasury and municipal bonds would be exempt.

Such a tax would be the first of its kind in the country and would have violators would pay a 5% penalty for every month a return is overdue.

The bill would take effect New Year’s Day of 2022 and generated revenue would
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