The Washington State legislative session starting January 13 is set for a significant debate on tax legislation to address a projected $12 billion budget gap. Democratic leaders, including House Speaker Laurie Jinkins and Senate Majority Leader Jamie Pedersen, are pushing for a wealth tax of 1% on individual assets over $100 million, potentially generating $10. 3 billion over four years. In contrast, Republican leaders, like Senate Minority Leader John Braun, argue for budget cuts instead of new taxes, asserting that the state faces a spending problem. The article discusses various tax proposals, including increases to business taxes and new levies on high payrolls, while highlighting potential internal resistance within the Democratic party.

As lawmakers tackle critical issues such as housing, education, and public safety, the article underscores the urgency of balancing budget constraints with the need for essential public services.