Summary
A Washington state lawmaker proposed a bill to tax large corporations like Amazon and Microsoft to offset changes from President Trump's One Big Beautiful Bill Act. The bill, called the Well Washington Fund, aims to protect public services by introducing a 5% tax on high earners at major companies in the state. The proposal has received mixed reactions, with supporters arguing it would boost public spending, while critics say it could harm business competitiveness.
Key Facts
- The proposed bill targets large firms such as Amazon and Microsoft.
- It aims to offset the impacts of President Trump's One Big Beautiful Bill Act.
- The bill would introduce a 5% tax on payroll expenses for high-earning employees.
- Exemptions are likely for large health care and social services providers.
- The proposal, if passed, would take effect on July 1, 2026.
- The bill is supported by Democratic leaders but opposed by Republicans.
- Critics argue the bill may negatively affect the state's business environment and competitiveness.
- The proposal is seen as a response to federal cuts in public services.
