Washington State’s “Millionaires Tax”: A Potential Revolution for Education?
State Superintendent Chris Reykdal is championing a proposed “millionaires’ tax” in Washington state, predicting it could dramatically reshape the state’s education landscape. The plan, currently under consideration by state Democrats, aims to levy a 9.9% tax on income exceeding $1 million annually.
The Financial Implications: $3.7 Billion for Education
Democrats estimate the tax would generate approximately $3.7 billion, earmarked for significant investments in education. Reykdal believes a focused allocation of these funds could “revolutionize” education, particularly access to higher education. He specifically highlighted the potential to address persistent budget challenges facing the state’s K-12 system.
Reykdal’s Vision: Fully Funded Schools and Free College
Reykdal has outlined a detailed plan for utilizing the projected revenue. He proposes allocating $760 million to fully fund K-12 education, establish universal free school meals for all public school students and provide two years of tuition-free in-state college for all Washington residents. The plan also includes covering fees for dual credit programs like Advanced Placement tests, ensuring equitable access to advanced coursework.
“You’re a high school kid. We don’t charge high school students to take classes — that’s a basic ed right,” Reykdal stated. “If you’re in Running Start, you shouldn’t pay fees for that.”
Addressing College Completion Rates
Reykdal points to a concerning trend: whereas over 70% of Washington high school students earn college credit, only 55% ultimately attend a traditional college. He estimates over a million Washingtonians have begun college but haven’t completed a degree, often citing financial barriers. He believes the proposed tax revenue could alleviate these burdens.
Political Hurdles and Republican Opposition
Despite Reykdal’s strong support, the “millionaires’ tax” faces significant opposition. Washington Republicans, including Representative Travis Couture, have consistently voiced their disapproval, arguing against income taxes in the state. Governor Bob Ferguson is also reportedly pushing back against the bill in its current form.
Reykdal acknowledges the challenges ahead, stating the bill will likely face legal challenges and ultimately be position to a vote by the state’s citizens. “It clearly needs to get through the courts, and it’s clearly going to go to the voters,” he said.
Washington’s Unique Tax Landscape
Washington state currently operates without a state income tax, relying primarily on state funding, levies, and federal support for its public schools. This has led proponents to frame the “millionaires’ tax” as a necessary step towards a more equitable tax system.
FAQ: The Millionaires Tax in Washington State
Q: What income level would be affected by the proposed tax?
A: Individuals earning over $1 million annually.
Q: How much would the tax be?
A: 9.9% on income exceeding $1 million.
Q: What is Superintendent Reykdal’s stance on the tax?
A: He fully supports the legislation and believes it could revolutionize education in Washington state.
Q: What are the potential uses of the revenue generated?
A: Fully funding K-12 education, free school meals, and two years of tuition-free in-state college are among the proposed uses.
Q: Is the tax likely to pass?
A: It faces opposition from Republicans and the Governor and will likely be subject to legal challenges and a voter referendum.
Pro Tip: Stay informed about the progress of this legislation by following news coverage from reputable sources like KUOW and checking the Washington State Legislature’s website.
Did you know? Washington is one of only a handful of states without a state income tax.
Want to learn more about education funding in Washington state? Visit the Office of Superintendent of Public Instruction website.
