February 21, 2023

Washington State PTA Supports HB 1473, aka “Wealth/Property Tax”

Prepared by Susan Baird-Joshi, and Marie Sullivan,

Washington State PTA, the state’s oldest and largest child advocacy organization supports House Bill 1473.  

According to the bill report, some of the revenues generated by this legislation would go to the Education Legacy Trust Account, an important source of ongoing funding for K-12 education. 

Washington State PTA supports legislation that helps resolve critical education funding gaps and inequities with predictable, progressive, and sustainable revenue sources. According to the fiscal note, the total estimated cash receipts for 2023-27 are $6.433 billion, and for the 2027-29 the estimated receipts are $6.267 billion.  

In 2017, the Legislature made significant investments in K-12 education programs and educator salaries. And yet, school districts tell legislators that they continue to rely on what are now supposed to be enrichment levies – so not to be used for basic education – to fill shortfalls in funding for critical services, including services for students with disabilities, our highly mobile student populations, and low-income students, to name a few.  

During the 2020-21 school year, district expenditures for special education and related services in Washington state exceeded the federal and state special education funding by more than $400 million, or nearly 18% state-wide.  

This gap requires school districts to use voter-approved enrichment levies to cover the excess costs of special education. This reliance on levies increases inequity in education across the state.  

The opportunity and achievement gaps are real, and additional and focused funding is needed.  

The legislature must invest in our children and youth. They must prioritize progressive education funding to help ensure the 1.1 million students of Washington have the opportunity to reach their highest potential. 


The full title of the bill is, “Investing in Washington families and creating a more fair tax system by enacting a narrowly tailored property tax on extreme wealth derived from the ownership of stocks, bonds, and other financial intangible property.” 

Category: Advocacy , Legislative

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