Wealth tax on financial intangible assets over $100 million for Washington residents.

The bill enacts a wealth tax on Washington residents' financial intangible assets exceeding $100 million. The tax is one percent of the taxable worldwide wealth, impacting an estimated 3,400 of the wealthiest residents. Assets include stocks, bonds, publicly traded options, and futures contracts. The tax aims to improve the fairness of the state's tax system and fund essential services. Exemptions apply to assets up to $100 million and certain nonfinancial intangible assets. The tax is set to begin in 2026, with increasing rates over the years.

Wealth tax on financial intangible assets over $100 million for Washington residents.

The bill enacts a wealth tax on Washington residents' financial intangible assets exceeding $100 million. The tax is one percent of the taxable worldwide wealth, impacting an estimated 3,400 of the wealthiest residents. Assets include stocks, bonds, publicly traded options, and futures contracts. The tax aims to improve the fairness of the state's tax system and fund essential services. Exemptions apply to assets up to $100 million and certain nonfinancial intangible assets. The tax is set to begin in 2026, with increasing rates over the years.