Washington Lawmakers Debate Tax Changes
Seattle News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Lawmakers in Washington are making waves with their sixty-day legislative session, focusing on a plan to tax millionaires income. However, other tax changes are also in the mix, such as cigarette tax hikes and adjustments for big banks. A bill to increase cigarette taxes stalled in the House Finance Committee, while measures to eliminate tax breaks for prescription drug warehouses and data center upgrades are moving forward. Supporters argue these perks are outdated for large companies, but critics warn of increased drug prices, impacts on rural economies, and a loss of competitive edge. On the local front, a bill allows cash-strapped cities and counties to use real estate taxes more flexibly and imposes a small sales tax for family services. Another bill proposes that high-volume mortgage lenders pay business and occupation tax on certain interest income, with funds going towards wildfire response and forest restoration. These measures are advancing as the session nears its end.
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