State superintendent unveils pitch to use potential millionaires tax money for free college tuition and more

OLYMPIA – The state Superintendent of Public Instruction wants to use most of the revenue collected from a proposed income tax on Washington millionaires to fund education.

The plan, which Superintendent Chris Reykdal announced Thursday, calls for using the estimated $3.7 billion in revenue from the tax each year to provide two years of college tuition for free, cover dual enrollment credits for high school students, provide free school meals for all students, fully fund K-12 education and cut property taxes by $1.4 billion a year.

The plan would exempt all state property tax for the first $300,000 of a home’s value. The plan would not impact local property taxes.

The “concept” would leave about $350 million in revenue a year from the income tax in the general fund. Revenue from the tax is not expected to be available until 2029.

“We’re simply challenging everyone to think differently around $3.5 billion in new revenue that’s coming our way, if it was solely focused, almost solely focused, on families trying to raise kids and giving young people the greatest opportunity,” Reykdal said.

As he announced the plan, Reykdal said the proposal is “timely, it’s bold.”

“It’s the kind of thing that I believe is my job as a statewide elected official,” Reykdal said.

Reykdal added that it’s not his “role to be in those negotiations.”

“The Legislature is working this out with the governor. They’ll get to a decent place. We don’t have to have everything solved today; this revenue will take a couple of years,” Reykdal said.

While each lawmaker certainly has their own vision for how the money could be spent, the current proposal put forward by legislators does not devote most of the revenue to education.

The plan put forward by Democratic leadership would exempt hygiene products from Washington’s sale tax and eliminate the Business and Occupation Tax on businesses that earn less than $250,000 a year.

The legislation also calls for expanding the state’s Working Family Tax Credit and distributing 5% of the revenue collected to counties for their public defense system and “increasing public safety.”

“If nothing, and not a single thing was changed or amended in that bill, it would make enormous progress for Washington state by changing the tax code to be more fair,” Reykdal said.