YOUR LATEST TAX JUSTICE NEWS
A quick glance at the latest headlines shows mega millionaires and billionaires getting even richer amidst widening economic inequality. The same headlines bring motivation to keep fighting for things like reliable childcare, affordable housing, and the tools we need to thrive.
Sometimes, news celebrates big wins, like the capital gains tax. Other times, we see communities across our state struggling when it doesn’t have to be this way. But with every single tax justice headline, we see just how crucial it is for Washington’s wealthiest to pay what they owe in taxes – just like the rest of us do.
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The financing of 6 proposed WA ballot initiatives is being investigated by the state PDC
“In funding it, he’s doing it in a way that is illegal, which is basically spending his own money and then reporting it later as an in-kind contribution. Which then hides to the public exactly what the money’s being spent on, and how much money they have in the bank total.”
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Washington state senator behind wealth tax proposal responds to Bezos’ departure
“Jeff Bezos is far from the only billionaire in Washington state,” Senator Noel Frame said. “People move because of their families and because of jobs, she said. We should tax wealth and reinvest those dollars in amenities that attract early stage entrepreneurs to our state, so they lay down roots here and raise their families…
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When the Ultra-Wealthy Pay Their Share in Taxes, We All Have a Brighter Future
There are enough resources in our state that everyone in every community can have what they need. To do that, we have to keep asking our lawmakers to fix our upside-down tax code
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It’s Time to Tax Billionaires, New Report Says
Tax evasion, and, more broadly, tax avoidance, is not inevitable, says Nobel prize-winning economist Joseph Stiglitz. It is the result of policy choices – or the failure to make policy choices that act to stop it.
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A 2% tax on the world’s billionaires would raise $250 billion a year
All of that extra tax revenue could plug several gaps. It could address the growing need for public investment in education, health, infrastructure, and the transition to net-zero carbon emissions. It could help to limit the rise of economic inequality and facilitate broader tax reforms.
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Polls Show Continued Support for the Capital Gains Tax
Initiative 2109, which would repeal the capital gains tax, had 40% support with 46% opposed. Support dipped to 31% and opposition rose to 56% when they learned the initiative would curb funding for education, early learning and school construction.
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WA may avoid child care cliff, but many providers are still struggling
WA took a big step forward, but there’s still a lot of work left to do. Child care in WA for an infant averages about $14,500 per year. At the same time, the poverty rate for providers was close to 18%, more than double what it is for WA workers in general. The child care…
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Billionaires Have Gotten $2.2 Trillion Richer Since Trump-GOP Tax Cuts: Analysis
Investment gains are only taxed when the underlying asset is sold, but billionaires and other hyper-wealthy people don’t need to sell in order to benefit: they can obtain low-interest loans against their rising fortunes and live luxuriously tax-free. And when the gains are handed down to the next generation, they completely disappear for tax purposes.
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Wealthy Americans Failed to Pay $65.7 Billion in Taxes From 2017 to 2020
More than 1.4 million wealthy Americans have still not filed their taxes for 2017-2020, with the total amount owed to the federal government reaching a whopping $65.7 billion — almost enough to fund a universal child care program for one year or a universal school lunch program for more than two years.