Enacting an excise tax on large employers on the amount of payroll expenses above the social security wage threshold to fund programs and services to benefit Washingtonians.

This bill creates a new payroll expense tax for large employers in Washington state, starting July 1, 2026. The tax will be 5% on the amount of each employee's annual wages that exceeds the social security wage threshold. This tax is intended to fund public schools, healthcare, and social services, and it exempts employers with less than $7 million in annual payroll expenses.

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