Details emerging on Democrats' $52.4 billion budget deal
OLYMPIA — Democratic leaders on Friday revealed details of their budget deal and a few wrinkles they need to iron out in the session’s final weekend.
They’ve agreed on a new two-year $52.4 billion budget which aims to transform the mental health system, boost special education funding, and launch a new statewide health care coverage for educators.
The spending plan counts on roughly $670 million from new taxes on banks and vaping products, higher taxes on sellers of expensive properties, and transfers from a variety of state accounts, according to information provided by House and Senate Democrats.
And, in a bit of bookkeeping sleight of hand, the deal pours $393.3 million into a new dedicated higher education account, money that will come from another tax, this one a hike in the rate paid by professional service businesses and high-tech giants like Microsoft Corp. and Amazon. Democrats are steering these dollars into a separate fund and do not include the sum in the bottom line of the budget.
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