OLYMPIA, Wash. – The Washington state Senate Ways and Means Committee will hold a public hearing on a bill that would create a new property tax for the ultra-wealthy.

The bill would extend the state’s property tax to include stocks, bonds and other financial holdings.

A taxpayer’s first $250 million in assets would be exempt from the tax.

Assets above that would be taxed at 1%.

Funds collected under the tax would be dedicated to education, affordable housing, disability assistance and credits to offset taxes paid by low- and middle-income residents.

The hearing is this Thursday, March 9th, at 4 p.m.

Washington residents can submit comments online here and watch the hearing online here.