skip to main content
skip to newscasts

Tuesday, March 5, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

SCOTUS rules for Trump on ballot issue; CA high school students earn Google Career Certificates in high-demand fields; NY faith leaders help people address ecological grief; and a group offers abortion travel benefits for Mississippi women.

view newscast page
play newscast audioPlay

The SCOTUS rules no state can remove a federal candidate from an election ballot saying that power rests with Congress, Super Tuesday primaries are today in sixteen states and a Colorado Court rules in the killing of Elijah McClain in police custody.

view newscast page
play newscast audioPlay

Hard times could be ahead for rural school districts that spent federal pandemic money on teacher salaries, a former Oregon lumber community drafts a climate-action plan and West Virginians may soon buy raw milk from squeaky-clean cows.

WA Joins Multi-State Effort to Pass Wealth Tax

play audio
Play

Thursday, January 19, 2023   

Lawmakers in Washington and other states are introducing bills taxing wealth in their legislatures in a coordinated effort today.

In Olympia, legislators aim to tax wealth made on the ownership of stocks, bonds and other financial assets.

Carolyn Brotherton, policy associate at the Economic Opportunity Institute, said the legislation targets multimillionaires and billionaires.

"It would be a 1% property tax on financial assets worth more than a quarter-billion dollars," Brotherton explained. "We're talking some of the wealthiest people not only in our state but in the world would pay the state wealth tax."

Brotherton noted the tax is estimated to generate $3 billion a year. The funds collected will go to education, housing, disability services and tax credits.

Washington state lawmakers and organizations supporting the bill are holding a news conference today at 12:45 p.m. Lawmakers passed a capital-gains tax in 2021 aimed at wealthy Washingtonians, but the law has been challenged as unconstitutional because it resembles an income tax. The state Supreme Court will hear the case later this month.

Brotherton pointed out Washington state's tax system is reliant on sales tax, which creates a regressive system, in which low-income households pay a much higher portion of their wages in taxes than high-income households do. She added the last time the tax code was significantly updated was in 1933.

"Really, a state wealth tax is bringing our tax code into the 21st century," Brotherton contended. "The way our economy works today is very different than it worked in 1933. We have a very financialized economy."

Brotherton emphasized other states are also realizing their tax codes aren't keeping up with the current economy.

"Wealth inequality is out of control, and it's not just a matter of numbers on a page or issues about fairness," Brotherton asserted. "It's really about making sure that our communities have the resources that we need in order to live a good life."

Wealth taxes are being introduced in six other states today, including California and New York.

Disclosure: The Economic Opportunity Institute contributes to our fund for reporting on Budget Policy & Priorities, Education, Livable Wages/Working Families, and Senior Issues. If you would like to help support news in the public interest, click here.


get more stories like this via email
more stories
A study by Wallethub ranked Kentucky 43rd in the nation for residents' dental health. (Adobe Stock)

Health and Wellness

play sound

A bill moving through the Kentucky Legislature would make fluoride treatment in drinking water optional for local municipalities. House Bill 141 …


Social Issues

play sound

Most teenagers eagerly anticipate turning 16 to start driving and 21 for other milestones, but the significance of obtaining the right to vote at 18 …

Social Issues

play sound

New York state lawmakers have appointed members to the Community Commission on Reparations Remedies, created through legislation Gov. Kathy Hochul …


A National Committee for Responsive Philanthropy report illustrated how some wealth was built through discriminatory practices including racially restrictive deed covenants. (Adobe Stock)

Social Issues

play sound

A new report argued many charitable foundations need to examine the origin of their wealth and repair harms done. The National Committee for …

Environment

play sound

A proposed urban reforestation program in Massachusetts aims to help cities mitigate the effects of climate change. Legislation would create a state …

One in four Wyoming kids lives in single-parent families, according to Wyoming Community Foundation data. Such children are more likely to live in poverty compared with their peers in married-parent families. (Adobe Stock)

Social Issues

play sound

A Wyoming nonprofit is helping single mothers climb out of poverty by connecting them with the training and support they need to step into and succeed…

Social Issues

play sound

Ahead of Super Tuesday, a new poll finds a majority of Mainers support replacing the Electoral College system with a national popular vote. More …

Social Issues

play sound

Even though March is barely underway, parents of Wisconsin kids are being encouraged to plan for summer reading activities - especially if their …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021