Gov. Ferguson opposed to wealth tax proposals from legislative Democrats

Washington Governor Bob Ferguson has voiced his opposition to a wealth tax included in the budget proposals from state Democrats, citing concerns regarding its constitutionality and long-term viability. He stressed that if legislators wish to finalize the budget by the end of the month, they must significantly change their approach to budget discussions. Ferguson pointed out that the current proposals contain too much reliance on taxation, which he believes is not a sustainable solution to the state’s projected multi-billion-dollar deficit. He emphasized the critical need to protect state reserves, especially in light of uncertainties stemming from federal policies. The governor did express a willingness to consider a smaller wealth tax that could withstand legal scrutiny.

Meanwhile, legislative Democrats are engaged in ongoing discussions, aiming to draft a budget that aligns with Ferguson’s expectations. Republicans have praised the governor's resistance to the wealth tax, hoping it will extend to other tax proposals as negotiations progress. As the deadline approaches, the political landscape remains dynamic, with both parties seeking a viable path forward.