Washington Governor Signs $9 Billion In Tax Hikes to Cut Deficit

Washington Gov. Bob Ferguson signed a package of tax bills on Tuesday meant to boost state revenue by $9 billion, with increases in the state’s largest tax programs to help close a multibillion dollar deficit.

The tax package is part of the state’s overall budget for the next two years, which Ferguson (D) also signed on Tuesday. The increases, including to the business and occupations, capital gains, and sales taxes, as well as a levy on Tesla Inc.'s credits for electric vehicle sales, will help close a deficit projected to be $16 billion over the next four years. Washington doesn’t ...