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‘Largest tax increase in state history’

Gov signs WA's $78B operating budget into law

(The Center Square) – Gov. Bob Ferguson rejected a wealth tax from fellow Democrats this session and repeatedly said he would look for budget savings, but on Tuesday – the deadline for doing so – he signed Washington state’s nearly $78 billion, two-year operating budget into law that raises taxes by roughly $9 billion over the next four years. The operating budget includes several tax increases, including a new business and occupation gross tax on storage units. The budget also includes increases to the state's two primary business and occupation tax rates on gross proceeds, an increase in the tax rate for service businesses with annual taxable revenue exceeding $5 million, and a broadened capital gains tax. There’s also a tax on the sale of electric vehicle credits, dubbed the “Tesla tax.”

New Washington law directs $100M in grants toward hiring police, improving public safety

OLYMPIA — On his first day, Washington Gov. Bob Ferguson angered many Democratic lawmakers by demanding the Legislature put $100 million in the next state budget to help local police departments hire police officers. “That idea was a cornerstone of my campaign for Governor. Any budget I sign must include this funding,” he said in his Jan. 15 inaugural address. On Monday, there were clear signs of a rapprochement as Ferguson signed House Bill 2015 that embeds a $100 million grant program in a broad policy bill designed to let local and tribal governments decide how best to use those dollars – even if that means not hiring a single new cop. “It’s a wonderful bill,

Will Washington state’s higher capital gains tax drive businesses away?

Washington state residents who have sold long-term capital assets, such as stocks and bonds, exceeding $1 million will have to pay an increased capital gains tax.