It should be adopted worldwide.
RACHEL LA CORTE
Updated Tue, February 2, 2021, 11:06 PM
OLYMPIA, Wash. (AP) — Washington state’s richest residents — including Jeff Bezos and Bill Gates — would pay a wealth tax on some financial assets under a bill proposed by a lawmaker who says she is seeking a fair tax code at a time when so many people are struggling due to the pandemic.
Under the , a 1% tax would be levied on “extraordinary” intangible financial assets including cash, publicly traded options, futures contracts, and stocks and bonds — but not income. The first $1 billion in value would be exempt from the tax that would apply to residents' taxable worldwide wealth.
about a dozen of the richest people in the world live in Washington state, including Bezos and Gates, who top the global list after making their fortunes from their respective tech companies, Amazon and Microsoft.
RACHEL LA CORTE
Updated Tue, February 2, 2021, 11:06 PM
OLYMPIA, Wash. (AP) — Washington state’s richest residents — including Jeff Bezos and Bill Gates — would pay a wealth tax on some financial assets under a bill proposed by a lawmaker who says she is seeking a fair tax code at a time when so many people are struggling due to the pandemic.
Under the , a 1% tax would be levied on “extraordinary” intangible financial assets including cash, publicly traded options, futures contracts, and stocks and bonds — but not income. The first $1 billion in value would be exempt from the tax that would apply to residents' taxable worldwide wealth.
about a dozen of the richest people in the world live in Washington state, including Bezos and Gates, who top the global list after making their fortunes from their respective tech companies, Amazon and Microsoft.
