The following House & Senate proposals are being considered to balance the budget deficit.

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* 1. Which 30th LD community do you live in?

As we finalize the 2025-27 biennial budgets, please share your thoughts on proposed revenue measures. It’s vital that we balance our budget deficit while protecting vulnerable populations and not overburdening working families.

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* 2. House Proposed Financial Intangible Assets Tax (FIT) – This tax applies to the richest .05% of taxpayers in WA, and imposes a property tax of $8 on every $1000 of assessed value on certain financial intangible assets, such as stocks, bonds, mutual funds, and index funds, with the first $50 million in assessed value exempt from the tax.

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* 3. House Proposed School & Public Safety Funding Adjustments – The proposal allows property tax growth to reflect inflation and population increases (capped at 3%), ensuring rural school districts receive fair funding, raising $50 million in 2026 and $150 million in 2027 for K-12 schools.

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* 4. House Proposed Surcharge on High-Grossing Corporations – Large corporations and financial institutions making over $250 million a year will pay a modest surcharge, generating nearly $2 billion by 2027 to protect public services, without affecting small businesses.

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* 5. Senate Proposed Property Tax – This allows property tax growth to increase from the current 1% cap to the combined rate of population growth plus inflation, generating an estimated $779 million over four years.

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* 6. Senate Proposed Business Tax – A statewide version of Seattle’s JumpStart tax would impose a 5% tax on payroll expenses above $176,100 for large employers, raising about $2.3 billion per year starting July 1, 2026.

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* 7. Senate Proposed Sales Tax Reduction – Starting January 1, 2027, the state sales tax would decrease from 6.5% to 6%, resulting in a $1.3 billion loss annually to the state general fund.

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* 8. Senate Proposed Tax Breaks – Repealing 20 tax exemptions considered obsolete or ineffective, including for gold bullion and prescription drug wholesalers, would generate $1 billion.

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* 9. Senate Proposed Wealth Tax – Targeting individuals with wealth above $50 million, this proposed tax of $10 per $1,000 of certain financial assets would raise approximately $4 billion annually starting in 2027.

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* 10. Between the revenue options in the House and Senate proposals, which overall proposal to do you support more?

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* 11. Your responses are anonymous, so if you'd like a personal reply:
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