Democrats push new tax on billionaires

OLYMPIA — House Democrats are rallying around a proposal to tax the state’s billionaires.

House Bill 1406 would impose a 1% tax on intangible assets — such as money or stocks — on people whose wealth exceeds $1 billion.

The state Department of Revenue estimates the tax would generate close to $5 billion from 2023-2025 and affect fewer than 100 state residents. Revenue raised would fund tax relief for low-income individuals and contribute to the state general fund.

The lion’s share would come from the state’s most wealthy individuals—such as Amazon founder Jeff Bezos and Microsoft co-founder Bi...