Intangible Wealth Tax

Washington state’s heavy reliance on sales tax and real property tax to fund essential state services made sense 70 years ago, but many people believe that it is time to modernize our tax  structure to reflect the new realities of today’s economy. Currently, Washington does not levy a tax on intangible wealth, such as stocks, bonds, and money market accounts. Most other states do, either by taxing interest and capital gains through a state income tax, or directly with an intangible wealth tax. Washington State prepares to confront a mounting budget crisis, this option is coming under scrutiny. This discussion brief outlines the effect an intangible wealth tax would have on state revenues.

  • Leave a Reply

More To Read

August 10, 2026

Buy, Borrow, Die: How tax codes gut community well-being to line pockets of the wealthy

We are long overdue for a tax code that requires the ultra-wealthy to pay what they owe.

July 30, 2026

What the Millionaires Tax would mean for Washington

We’re not paying the benefits of economic growth forward like we used to. The Millionaires Tax can change that.

July 9, 2026

How will the Millionaires Tax impact us?

The Millionaires Tax adds critical revenue to our state budget and starts to rebalance our upside-down tax code.