Dear Friends and Neighbors,
This week, House Democrats passed our operating budget which is focused on making meaningful investments in housing, food assistance, education, behavioral health and public safety. Our goal is to ensure Washington families have the resources they need to thrive while continuing to push for progressive revenue solutions that make our tax system fairer.
Washington is facing a budget shortfall, and once again, the choices we make will determine who bears the burden. For too long, our state has relied on a tax system that asks the most from those with the least while allowing the wealthiest to contribute far less than their fair share. We have the opportunity—and the responsibility—to change that.
Here’s what we’re proposing
- A Financial Intangible Assets Tax (FIT) – This applies a tax on stocks and bonds owned by ultra-wealthy individuals (exempting the first $50 million) to generate $2 billion per year for K-12 education. Under the FIT, those whose wealth comes from financial assets contribute their fair share, just like homeowners.
- School & Public Safety Funding Adjustments – Our proposal allows property tax growth to reflect inflation and population increases (capped at 3%) and ensures rural school districts receive fair funding. This brings in $50 million in 2026 and $150 million in 2027 for K-12 schools, a top priority for me.
- Surcharge on High-Grossing Corporations – We’re asking the biggest corporations and financial institutions—those making over $250 million a year—to pay a modest surcharge, generating nearly $2 billion by 2027. Small businesses won’t be affected, but this will help protect public services that working families rely on.
Join us for a Constituent Coffee Chat at KEXP on April 13!
As final deliberations on the budget and revenue proposals are underway, I look forward to hearing from you, whether that be at home or in Olympia. I also always welcome your emails and phone calls. If you have any questions, don’t hesitate to reach out to my office anytime:
- Phone: 360.786.7860
- Telephone Relay Service: 1.800.833.6388 (TTY)
- Legislative Hotline: 1.800.562.6000
- Email: Liz.Berry@leg.wa.gov
Sincerely,
State Representative Liz Berry
36th Legislative District