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.
“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.”
–Dr. Stephan Blanford, Executive Director of The Children’s Alliance
The initiative to rollback the capital gains tax on stock windfalls was filed by J. Vander Stoep, a consultant with the millionaire-backed Repeal the Capital Gains Tax Committee.
To give this tax cut to the super-rich, the initiative would take an estimated $500 million a year from the Education Legacy Trust Account, which funds:
- safety and other repairs to Washington’s aging schools,
- creating more preschools and childcare centers so parents can get back to work, and
- providing much needed assistance and equipment for students with disabilities.
“We won’t let a few super-rich people give themselves a huge tax cut, forcing the rest of us to pay more. Poll after poll shows voters strongly support making the rich pay what they owe our communities.”
–Treasure Mackley, Executive Director of Invest In WA Now
In poll after poll, voters nationwide want the super-rich to pay their fair share of taxes (Impact Research) and Washingtonians support the capital gains tax of 7% on extraordinary stock market profits greater than $250,000 (King 5/Survey USA, Topos, GBAO, PPP, GBAO).
Only 0.2% of Washington taxpayers see enough profits to pay this tax. Sales of real estate, retirement assets, small businesses, and farms are exempted.
“I will end up paying the tax. I am doing well personally. It only makes sense for me and people like me to pay our share. Why wouldn’t you tax us?”
-Shaula Massena, a potential capital gains taxpayer from Seattle
Washingtonians sent more than 67,000 emails, voicemails and other messages to legislators, through Invest in WA Now alone, supporting taxing the ultra-wealthy, like these recorded messages.
Many more in the business community support the new tax. Small business owners and members of the tech industry see how immense wealth is stuck at the top. Struggling small businesses understand we need to get more money into the wallets of consumers to avoid another long recession.
“The wealthy few are enjoying all the benefits of our great state and it’s past time to demand they pay their share.”
–Dan Olmstead, CEO of Poverty Bay Coffee Company in Auburn
Even people who will likely pay cap gains say they have an obligation to pay their share to help WA recover from the pandemic.
Almost every other state in the nation – including Idaho, Montana, and Oregon – taxes capital gains, and are better situated to help their states’ economies recover from this pandemic.