Washington state eyes ‘billionaire tax’ on the ultra rich

OLYMPIA, Wash. (AP) — Washington state’s richest residents — including Jeff Bezos and Bill Gates — would pay a wealth tax on certain financial assets under legislation being considered by lawmakers in the state House. The Democratic sponsor of the bill says she is seeking a fair and equitable tax code at a time when more lower- and middle-income people are struggling due to the pandemic.  Under the bill, for taxes due in 2023, a 1% tax would be levied on “extraordinary” intangible financial assets ranging from cash, publicly traded options, futures contracts, and stocks and bonds — but not on income. The first $1 billion of value would be exempt from the tax.