Senate Democrats unveiled new revenue proposals Thursday as the state Legislature prepares to negotiate a 2025-27 budget and fill a multibillion-dollar budget gap.

Senate Democrats have unveiled a plan to raise billions of dollars amid a deep budget shortfall by taxing Washington’s wealthiest residents through what is called a "financial intangibles tax," allowing property tax increases to be set by inflation and population growth,

Washington Senate Democrats released its proposal Thursday for the state's biennium budget, including new taxes on the state's wealthiest residents to address a projected $13 billion budget deficit over the next four years.