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After months of buzz, the much-hyped wealth tax that could have pumped $4 billion into Washington鈥檚 cash-strapped budget is officially dead after Washington Governor Bob Ferguson said he may veto the idea because it could be challenged in court. Now, state Democrats are scrambling to fill a $16 billion budget hole without the one big revenue source that progressives were practically begging for.

鈥淚t鈥檚 very likely that no part of our budget will be based on a wealth tax,鈥� said Senate Majority Leader Jamie Pedersen (D-Seattle), who led the Senate Democrats鈥� .

While Democrats tried to put an optimistic spin on their 鈥渃ritical pivot,鈥� the move to axe the wealth tax left plenty of folks鈥攂oth inside and outside the Capitol鈥攁sking: What now?

Turns out, the answer is…a mystery bag of 鈥渢ools.鈥�

Pedersen said the party already has 鈥減lans B, C, and D鈥� in the works, though what those plans include remains mostly under wraps.

鈥淚 would anticipate within the next week…we would probably have something along the lines of a plan that we start talking about,鈥� he said.

A budget built on ‘tools’ and cuts

Asked about specifics, Pedersen promised a 鈥渟et of revenue bills that will need to pass out of both chambers,鈥� but gave little detail beyond that.

The new patchwork of taxes or reforms鈥攁ffectionately referred to as 鈥渢ools鈥� by leadership鈥攎ost likely includes changes to property tax caps, a potential payroll tax on large corporations, and smaller revenue sources like a tax on storage units and hikes in tobacco, nicotine, and gas taxes.

There are other tweaks to the state鈥檚 famously regressive tax code, but we won鈥檛 know for sure until early next week, Pedersen said.

Representative Monica Jurado Stonier (D-Vancouver) defended the retooling, saying, 鈥淥ur primary goal is a balanced budget that invests in the things that our constituents care about.鈥�

And while Democrats say this course correction has been in the works for a while, the loss of the wealth tax still stung.

鈥淭here鈥檚 definitely some disappointment among many of our members as well as many of our constituents,鈥� House Majority Leader Joe Fitzgibbon (D-Seattle) said. 鈥淭hat particular tool is not going to be part of our budget solution this year.鈥�

Still, he insisted that 鈥減ublic pressure is important and welcomed鈥� and that the conversation about taxing the ultra-rich isn鈥檛 going away. Just not this session.

Property tax tension

One of the most likely 鈥渢ools鈥� to get serious floor time is a change to the state鈥檚 property tax cap, upping it from a 1% to a 3% growth rate. That move has already triggered heated backlash from Republicans, small property owners, and others who claim they鈥檙e being hit from all sides.

鈥淭here鈥檚 a lot of demagoguery about that proposal,鈥� Pedersen said bluntly, pushing back on claims that property taxes would skyrocket. 鈥淭o get to a $1,000 change, I think you have to be talking about a home that鈥檚 probably worth, what, $5 million at least.鈥�

Senate Democrats are also emphasizing that their bill includes significant tax relief for low-income seniors and disabled veterans.

鈥淲e are doing significant tax relief as part of the property tax proposal,鈥� Pedersen noted.

Cuts are coming鈥擝ut how deep?

With the wealth tax off the table and limited options for big, immediate cash, Democrats admit that deeper budget cuts may be inevitable.

鈥淲e are actively considering both each other鈥檚 cuts that were not in our own budget and additional potential reductions that we鈥檝e sought from the governor鈥檚 office,鈥� Pedersen said. 鈥淪imply, they鈥檙e not going to get what they want.鈥�

Despite the scramble, party leaders insist they鈥檒l hit their deadline.

鈥淲e remain firmly committed to and optimistic that we will get our work done on time,鈥� Pedersen said.

The goal is to pass a final budget by Sunday, April 27.

And if you鈥檙e wondering how closely they鈥檙e working with Ferguson to avoid last-minute vetoes? The answer is: Very.

鈥淲e do not plan to surprise him with anything,鈥� Pedersen said.

For now, the path forward is a blend of cautious optimism and political improv. The wealth tax may be gone, but the hunt for revenue鈥攁nd a balanced budget that doesn鈥檛 spark a voter revolt鈥攊s just getting started.

Stay tuned. The 鈥渢ools鈥� are coming.

Matt Markovich is the 成人X站 Newsradio political analyst. Follow him on聽.