Gov. Ferguson Rejects Democratic Budget Proposals

Washington Governor Bob Ferguson has rejected budget proposals from the state House and Senate, both dominated by Democrats, due to their heavy reliance on a contentious wealth tax. Ferguson argues that the wealth tax, targeting individuals with over $50 million in financial assets, is untested and could face legal challenges, making it an unreliable source of revenue amidst a $16 billion budget shortfall. Despite acknowledging the need for new revenue streams, Ferguson is wary of excessive taxation and the use of the state's reserve funds as proposed by the legislature. He emphasizes the need for a balanced approach that includes spending cuts and potentially new, but sustainable, tax measures. Ferguson's stance contrasts with that of his predecessor, Jay Inslee, who supported a wealth tax. With the legislative session ending soon, Ferguson urges lawmakers to redirect budget discussions to avoid federal funding uncertainties and ensure financial stability.