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Gov. Inslee suggests 'wealth tax' to avoid cuts to education and police

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Gov. Jay Inslee proposed a tax on personal wealth above $100 million in hopes of plugging a budget shortfall and averting cuts.
Washington Governor Jay Inslee has proposed a wealth tax on the state's wealthiest individuals to prevent significant budget cuts as the state faces a projected $500 million deficit. This suggestion comes in response to the expiration of a temporary tax on businesses, which was implemented during the economic recovery from the COVID-19 crisis. Inslee's proposal aims to tax the unrealized gains of financial assets for those with a net worth over $250 million, potentially generating $3 billion annually. This tax would target only the top 0.01% of Washington residents, with the goal of funding education, housing, and disability services, thereby avoiding cuts to these essential programs. The idea has sparked debate, with critics arguing it might drive wealthy individuals out of the state, while supporters see it as a fair way to address economic inequality and fund public services.

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[ https://www.msn.com/en-us/politics/government/gov-inslee-suggests-wealth-tax-to-avoid-deep-budget-cuts/ar-AA1w1uCi ]