House Democrats in Olympia on Monday proposed a budget that Rep. Sharon Wylie, D-Vancouver, said “reflects our collective values” while supporting families and teachers.
“It makes our taxes more progressive,” she said. “That was one of my criteria before we could support it.”
The $44.6 billion budget includes a 20 percent increase on business and occupation taxes for the state’s highest-grossing businesses, as well as a 7 percent capital gains tax on the sale of some stocks, bonds and other assets. In total, the budget would create $3 billion in new revenue for the state. The biggest challenge facing the Legislature this year is fully funding K-12 education in compliance with the 2012 McCleary decision, in which the state Supreme Court ruled the state was failing in its constitutional duty to do so.
The Senate last week approved its own $43 billion two-year state budget, which creates a state property tax earmarked for education while cutting some social services.