Olympia, WA: This morning the WA State Supreme Court granted direct review of Quinn v. Washington, the lawsuit brought by millionaires to exempt themselves from a popular tax on huge stock market windfalls.
Treasure Mackley, Executive Director of Invest in WA Now: “Most people want super rich Washingtonians to pay what they owe our communities for schools, childcare, and much more. Millions of students, whether in pre-school, high school, or technical college, are depending on the $500 million/year from this tax on the super-rich. We are pleased the WA State Supreme Court will provide a timely review of the trial court’s decision.”
Olympia, WA: Ballot initiative language filed late yesterday evening with the WA Secretary of State would hand a big tax cut to a small handful of the richest few by taking $500 million per year from Washington’s schools and childcare.
Dr. Stephan Blanford, Executive Director of The Children’s Alliance:
“This tax cut for the rich hurts hundreds of thousands of students and parents while lining the pockets of a tiny few. Washington students can’t take another setback after 2 years of remote learning. Parents can’t take more child care closures when they need to get back to work.”
Olympia, WA: As soon as this weekend, Washington voters could see signature gatherers for I-1929, a ballot measure to repeal the state’s capital gains tax on massive stock market profits. Today a Thurston County court finalized I-1929 ballot title language, and opponents are ready to respond to the millionaire-backed Repeal the Capital Gains Tax Committee’s signature gatherers.
Treasure Mackley, Executive Director of Invest In WA Now:
“Signature gatherers won’t tell you I-1929 is a tax cut for the super rich, taking $500 million from education and childcare, and making the rest of us pay. The public has a right to know I-1929 is a massive give away to a tiny number of Washington’s super rich, paid for by the rest of us.”
Waterville, WA: Today a trial court judge in conservative Douglas County ruled against a publicly popular capital gains tax on the wealthiest Washingtonians’ extraordinary stock market profits.
Treasure Mackley, Executive Director of Invest Washington Now, says: “By siding with a tiny number of extremely wealthy residents, the lower court is ignoring widespread public support for helping working families find childcare and providing children with the education they need to succeed in life. Washingtonians also strongly support making the super rich pay their fair share in state taxes because our state is the nation’s worst when it comes to tax fairness – those with the most money pay the least, while those with the least money pay the most. ”
Douglas County: Parents, teachers, and a school district are asking the court to allow them to join Washington State Attorney General Bob Ferguson in defending $500 million per year for education funding.
Today they filed a motion to intervene as defendants with the WA State Superior Court in Douglas County in the cases of Clayton v. Washington and Quinn v. Washington. Both lawsuits are trying to eliminate $500 million per year in education funding raised from a capital gains tax on extraordinary profits from stock sales exceeding $250,000. These monies fund school repair and construction and the Education Legacy Trust Account, which funds special education among other things.
Olympia: In a historic move to address the economic harm caused by the pandemic, the WA State Senate voted to tax the super-rich’s extraordinary profits, such as on stock sales.
“Taxing the extraordinary profits of the super rich is an important step in kickstarting Washington state’s economy,” said Treasure Mackley, Executive Director of Invest In Washington Now. “Now more than ever, we must keep money flowing to our state’s people, small businesses, and communities so we can all come back stronger from the pandemic.”
SB 5096, sponsored by Sen. June Robinson, passed 25-24. It now goes to the State House for consideration.
Olympia: More than a dozen of the State’s Senators just okayed a bill to tax extraordinary profits, also known as capital gains, above $250,000 to help fund early learning programs and other programs.
“Taxing the extraordinary profits of the super rich is an important step in kickstarting Washington state’s economy,” said Treasure Mackley, Executive Director of Invest In Washington Now. “We must keep money flowing to our state’s people, small businesses, and communities if we want to stay out of an even deeper recession.”
Small business owners say it’s time for Washington’s legislators to kickstart the state’s economy by making the wealthiest pay their share of taxes.
State legislators are holding hearings this week on bills to raise billions for public health, early learning, and small business assistance through changes to large estate taxes (HB 1465) and taxing extraordinary profits and capital gains (HB 1496).
The new ad, running in key legislative districts around the state, features the owners of Archipelago, Andaluz, Ice Cream Social, and Poverty Bay Coffee Roasters.
Invest In Washington Now issued the following responses to Governor Inslee’s progressive revenue proposal in today’s budget package:
“Even though we are in the top 3%, Governor Inslee’s proposed capital gains tax on the very rich likely won’t apply to my husband – who works for a big tech company – and me…
As Governor Jay Inslee prepares to release his budget package this week, a new organization focused on fixing Washington’s upside down tax system is launching with the first in a series of ads calling for progressive revenue solutions.
The new video ad, running in the legislative districts of key budget negotiators, says:
“This year, Washington took a hit. And we’re getting through it, together. Now, here’s the question: Do we throw another punch at the people who’ve been hit the hardest? By cutting funding for communities – like small businesses, teachers, essential workers, the people on the frontlines? Or do we raise taxes on those at the very top — and make smart investments, keep money in the hands of Washington families and build our small businesses and communities back stronger? The choice is ours.”