(The Center Square) – Last month, outgoing Washington state Gov. Jay Inslee proposed a 1% tax on an individual’s wealth above $100 million as part of a plan to plug a projected budget shortfall of between $10 billion and $16 billion , depending on who you ask.
“We have proposed what I call a very modest tax on incomes of extraordinary amounts,” Inslee said at a Dec. 17 press conference where he rolled out his proposed state operating budget. “I am proposing a new wealth tax and over four years under this proposal, the wealth tax would generate about $10.3 billion.”
The governor continued: “There are just over 3,000 wealthy Washingtonians who fit into this criteria.”
Washington State Republican Party Chair Jim Walsh, who also serves as a state representative from Aberdeen, told The Center Square he doesn’t believe Inslee is serious about a wealth tax.
“It’s an insult to the incoming governor,” Walsh said. “It’s like Inslee is dropping a turd in the punchbowl and leaving it for the next guy. It’s typical of Inslee and it’s poorly thought out.”