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.”