House and Senate Democrats release final $59B budget plan
OLYMPIA, Wash. (AP) — House and Senate Democrats on Saturday released a final two-year $59 billion state budget plan, just one day before the Legislature is set to conclude its session.
In addition to state funds, the budget also uses billions of federal dollars in spending on areas hit hardest by the pandemic, ranging from learning loss in schools and child care grants to rental assistance.
The compromise budget is very similar to initial proposals released last month by both chambers. The budget still includes a new capital gains tax on profits from the sales of stocks and bonds and other assets that awaits a final vote in both chambers.
“As the economy recovers and families recover, I think this budget is perfectly suited to lift everyone up equitably, providing resources strategically where we need them the most,” Democratic Sen. Christine Rolfes, the key budget writer for the Senate, said during the conference committee meeting in which the plan was adopted on party lines.
The budget is expected to pass both chambers before midnight Sunday, when the 105-day legislative session ends.
On Friday night, a conference committee approved a version of the new capital gains tax that includes language that appears to prevent a referendum on the measure, which is certain to face an immediate court challenge if approved by the Legislature and signed into law by Gov. Jay Inslee. Opponents of a capital gains tax argue it's a tax on income that violates the the state constitution.
Republican Rep. Drew Stokesbary decried what he called a partisan budget process, especially the inclusion of the capital gains tax.
“The fact that this relies on new taxes is a choice, it’s not a necessity,” he said.
Republicans have argued that no new taxes are necessary due to the...