{"id":2386402,"date":"2025-01-04T11:10:56","date_gmt":"2025-01-04T16:10:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wa-gop-chair-doesnt-think-dems-are-serious-about-inslees-proposed-wealth-tax-washington-examiner\/"},"modified":"2025-01-04T11:14:02","modified_gmt":"2025-01-04T16:14:02","slug":"wa-gop-chair-doesnt-think-dems-are-serious-about-inslees-proposed-wealth-tax-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wa-gop-chair-doesnt-think-dems-are-serious-about-inslees-proposed-wealth-tax-washington-examiner\/","title":{"rendered":"WA GOP chair doesn\u2019t think Dems are serious about Inslee\u2019s proposed wealth tax &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwa-gop-chair-doesnt-think-dems-are-serious-about-inslees-proposed-wealth-tax-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2386402&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Outgoing Washington State Governor Jay Inslee has proposed a new wealth tax aimed at individuals \u200bwhose net worth exceeds $100 million. This tax would impose\u200c a 1% annual levy on that wealth as part of the state\u2019s\u2062 efforts to \u200caddress\u2062 a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dont-look-up-orwellian-ai-traffic-cameras-raise-privacy-concerns\/\" title=\"AI traffic cameras that resemble something out of George Orwell&#039;s dystopian novel, &quot;1984,&quot; are causing worries about privacy.\">projected budget shortfall<\/a>, estimated to be\u200c between $10 billion and $16 billion. Inslee described the tax\u2064 as a \u201cvery modest\u201d approach to taxing extraordinary wealth,and he expects\u2064 it could raise approximately $10.3 billion over four years. His \u200dproposal identifies \u2064just over 3,000 wealthy residents who \u200cwould be affected by this tax.The announcement was\u200d made during a press conference on \u2064December 17, where \u200bhe also presented his proposed state \u2064operating \u2063budget (Sources: \u2064 [1](https:\/\/www.geekwire.com\/2024\/wealth-tax-proposal-in-washington-state-reignites-debate-over-taxes-and-tech-talent-migration\/), [2](https:\/\/www.washingtonpolicy.org\/publications\/detail\/backers-of-wealth-tax-seek-to-tax-state-residents-on-their-worldwide-holdings-for-the-privilege-of-living-in-washington), [3](https:\/\/www.npr.<a href=\"https:\/\/amzn.to\/3YuVZYV\">org\/2024\/12\/24\/nx-s1-5233079\/outgoing-wash-gov-inslee-pushes-state-lawmakers-<\/a>to-enact-a-wealth-tax)).  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">WA GOP chair doesn&rsquo;t think Dems are serious about Inslee&rsquo;s proposed wealth tax<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1928173\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; Last month, outgoing Washington state Gov. Jay Inslee proposed a 1% tax on an individual&rsquo;s wealth above $100 million as part of a plan to plug a projected budget shortfall of between&nbsp;<a href=\"https:\/\/www.thecentersquare.com\/washington\/article_58a9661e-bcb7-11ef-a4ed-47faaddbfd90.html\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>$10 billion and $16 billion<\/strong><\/a>, depending on who you ask.<\/p>\n<div class=\"article-paywall\">\n<p>&ldquo;We have proposed what I call a very modest tax on incomes of extraordinary amounts,&rdquo; Inslee said at a Dec. 17&nbsp;press conference where he rolled out his proposed state operating budget.&nbsp;&ldquo;I am proposing a new wealth tax and over four years under this proposal, the wealth tax would generate about $10.3 billion.&rdquo;<\/p>\n<p>The governor continued: &ldquo;There are just over 3,000 wealthy Washingtonians who fit into this criteria.&rdquo;<\/p>\n<p>Washington State Republican Party Chair Jim Walsh, who also serves as a state representative from Aberdeen, told The Center Square he doesn&rsquo;t believe Inslee is serious about a wealth tax.<\/p>\n<p>&ldquo;It&rsquo;s an insult to the incoming governor,&rdquo; Walsh said. &ldquo;It&rsquo;s like Inslee is dropping a turd in the punchbowl and leaving it for the next guy. It&rsquo;s typical of Inslee and it&rsquo;s poorly thought out.&rdquo;<\/p>\n<p>State Attorney General Bob Ferguson will be sworn in as Washington&rsquo;s next governor on Jan. 15.<\/p>\n<p>Walsh went on to reference a November&nbsp;<a href=\"https:\/\/dor.wa.gov\/sites\/default\/files\/2024-11\/Wealth_Tax_Study_Final_Report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>report<\/strong><\/a>&nbsp;from the Washington State Department of Revenue, which noted the administrative challenges and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/twitters-x-rebrand-could-face-legal-challenges-over-common-trademark\/\" title=\"Twitter&#039;s rebranding as &#039;X&#039; may encounter legal disputes due to a shared trademark.\">potential legal hurdles<\/a> of a wealth tax.<\/p>\n<p>Such stumbling blocks are nothing new.<\/p>\n<p>According&nbsp;to the&nbsp;<strong><a href=\"https:\/\/taxfoundation.org\/research\/all\/eu\/wealth-tax-impact\/#:~:text=They%20raise%20little%20revenue%2C%20create,and%20wealth%20damage%20economic%20growth.\">Tax Foundation<\/a><\/strong>, many developed countries have repealed their net wealth taxes in recent years for various reasons.<\/p>\n<p>&ldquo;They raise little revenue, create high administrative costs, and induce an outflow of wealthy individuals and their money,&rdquo; according to the Tax Foundation. &ldquo;Many policymakers have also recognized that high taxes on capital and wealth damage economic growth.&rdquo;<\/p>\n<p>Walsh doesn&rsquo;t think Inslee&rsquo;s proposed wealth tax will get very far during the 105-day legislative session, which starts on Jan. 13.<\/p>\n<p>&ldquo;There are going to be lawsuits even if it is passed into law,&rdquo; he said. &ldquo;It&rsquo;s just such a bad idea.&rdquo;<\/p>\n<p>Walsh predicted Ferguson would ditch the wealth tax and shift the focus to other potential taxes.<\/p>\n<p>&ldquo;They will try to expand the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-political-activism-and-influence-of-bill-gates\/\" title=\"The Political Activism And Influence of Bill Gates\">capital gains tax<\/a>,&rdquo; Walsh said. &ldquo;We know they&rsquo;ve got bills that lower the threshold to either $50,000 or $15,000, in which case, as we&rsquo;ve said all along, the real target is not Jeff Bezos and Bill Gates; the real target is the middle class.&rdquo;<\/p>\n<p>Washington&rsquo;s capital gains tax levies a 7% charge on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets over $250,000.&nbsp;<\/p>\n<p>&ldquo;If you lower that capital gains threshold to $15,000, you&rsquo;re talking about regular working people who&rsquo;ve got some money in the bank or maybe some money invested or maybe a rental home,&rdquo; Walsh explained. &ldquo;If you lower the threshold that much, you&rsquo;re going to impact middle-class people.&rdquo;<\/p>\n<p>Ferguson is more circumspect when it comes to new and higher taxes.<\/p>\n<p>&ldquo;Governor-elect Ferguson is currently exclusively focused on identifying cost-savings and efficiencies to address the budget shortfall,&rdquo; Ferguson spokesperson Bayley Burgess emailed The Center Square on Friday. &ldquo;He will not be considering new revenue until the completion of that important exercise.&rdquo;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1928173\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1928173\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WA GOP chair doubts Dems&#8217; commitment to Inslee&#8217;s wealth tax<\/p>\n","protected":false},"author":1,"featured_media":2386403,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/AP24014160623172-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[22013,5894,44986,32076,40046],"class_list":["post-2386402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-inslee","tag-politics","tag-wa-gop","tag-washington-examiner","tag-wealth-tax"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/AP24014160623172-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2386402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2386402"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2386402\/revisions"}],"predecessor-version":[{"id":2386406,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2386402\/revisions\/2386406"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2386403"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2386402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2386402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2386402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}