Senate Democrats want to tax Washington’s wealthiest and are calling for a half-cent sales tax cut to reduce the burden on consumers as part of their sweeping package of new revenue proposals.

The tax package, unveiled Thursday ahead of the anticipated release of the operating budget proposal for the 2025-27 biennium, comes after a new budget outlook estimates the state will collect nearly $845 million less in revenue over the next four years than earlier projected.

Democrats have maintained that new ideas for raising revenue would be a necessary path forward to balance the state’s budget for the next four years, and are facing the daunting task of filling a multibillion-dollar budget gap before the legislative session adjourns April 27.

Gov. Bob Ferguson, who previously expressed skepticism of a “wealth tax,” has proposed $4 billion in cut over the next four years, including cuts to most state agencies and furloughs for state employees, while maintaining commitments the state has made in K-12 public education and sparing public safety programs from cuts.

He has not said yet whether he would support any new taxes, which Republican lawmakers staunchly oppose.

“Rather than balance our budget entirely through devastating cuts or doubling-down on our regressive tax code on the backs of working families, we’re asking the wealthiest among us to finally do their part and pay what they owe so that we can fund great public schools, health care, public safety, and the services that our most vulnerable residents are counting on,” Sen. Noel Frame, D-Seattle, vice chair of the Senate Ways & Means Committee for Finance, said in a Thursday statement.

Here are the proposals:

Wealth tax

Senate Bill 5797, sponsored by Frame and Sen. Manka Dhingra, D-Redmond, would tax financial assets such as stocks, bonds, exchange-traded funds, and mutual funds at a rate of $10 on every $1,000 of assessed value for individuals with more than $50 million of such assets. Senate Democrats estimate that the tax would only apply to about 4,300 individuals in the state and that it would generate approximately $4 billion a year starting in 2027, with funding going toward school operating costs and special education services.

Sales tax

Senate Bill 5795, sponsored by Senators Deborah Krishnadasan, D-Gig Harbor, and Adrian Cortes, D-Battle Ground, would lower the sales tax from 6.5% to 6%, and is estimated to decrease revenue by about $1.3 billion per year.

Business tax

Senate Bill 5796, sponsored by Senators Rebecca Saldaña, D-Seattle, and June Robinson, D-Everett, is similar to Seattle’s “JumpStart” tax and would remove the cap on employer payroll taxes for companies with $7 million or more in payroll expenses and would add a 5% tax on payroll expenses above the Social Security threshold. Senate Democrats say the proposal would raise $2.3 billion a year if adopted. Funding from the tax would go to public schools, health care and other programs.

Property tax

Senate Bill 5798, sponsored by Senate Majority Leader Jamie Pedersen, D-Seattle, and Sen. Marcus Riccelli, D-Seattle, would raise the current 1% cap on property taxes, and would allow the property tax to grow based on population and inflation. Local governments could opt for lower growth rates under the proposal, and would fully exempt state property tax for those in the “Property Tax Exemption for Senior Citizens and People with Disabilities” program.

Tax exemptions

Senate Bill 5794, sponsored by Senators Jesse Salomon, D-Shoreline, and Liz Lovelett, D-Anacortes, would repeal 20 tax exemptions currently codified in state law that are “ineffective and obsolete.” Senate Democrats say this proposal would raise $1 billion over four years.