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WA Democrats consider retreat on estate tax, fearing wealth exodus
Washington lawmakers seek to reverse the 35% top estate tax rate to prevent wealthy residents from relocating, as the tax generated $535 million annually before the increase.
- In Olympia, the Washington State Senate advanced Senate Bill 6347, introduced Feb. 4, to undo last year's estate tax increase, lowering the top rate back to 20%.
- Senate Majority Leader Jamie Pedersen said lawmakers have received anecdotal reports of wealthy/mobile taxpayers considering redomiciling, while business groups warned recent years' tax increases prompt relocation and investment concerns.
- After a brief Feb. 6 public hearing, the Senate Ways and Means Committee quickly passed the bill, which would reset eight estate tax brackets, keep the $3 million exemption, and set the $12 million threshold for highest rates.
- Advancing the rollback could set up a full Senate vote and, if approved, would require Gov. Bob Ferguson's signature to become law, potentially reducing revenue by more than $10 million annually for the Education Legacy Fund.
- Amid debate over the 'millionaires tax,' Senate Democrats advance the estate rollback despite dissent and business warnings; a legal challenge is likely, lawmakers said.
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Democrats quietly pushing rollback of estate tax increase
(The Center Square) – As majority Democrats in Olympia push ahead with a controversial income tax bill, they are also moving to roll back another tax-the-rich policy passed during the
·United States
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The Seattle Times
WA Democrats consider retreat on estate tax, fearing wealth exodus
Democrats in the state Legislature have generally dismissed warnings that new taxes on the very wealthy might lead multimillionaires to flee to lower-tax states. Read more...
·Vancouver, United States
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Total News Sources12
Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 17%
C 50%
R 33%
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