Statement Regarding Lawsuit to Roll Back Tax Cuts for Working Families and Tax on Mega-Millionaires
Official Statement from Invest in Washington Now
“At a time when many of us are struggling to afford the basics, mega-millionaires and extremist groups are trying to hurt millions of Washingtonians by taking away the biggest state tax cuts they’ve received in many years. An estimated 460,000 households will not get their tax credits, seniors and working parents will end up paying more for basic necessities, small businesses will pay more in B&O taxes, kids will lose access to free school meals, and we will all lose critical funding for education, childcare, and healthcare. The truth is the Millionaires Tax is very popular with Washingtonians, but these extremist groups are doing everything they can to shield billionaires and mega-millionaires from paying what they owe our communities. They want our state’s working families to keep paying up to three times higher tax rates than those with the greatest wealth.”
A study by the Institute of Policy Studies (IPS) found that the “millionaire class” grew by 46.9% in Washington despite the state’s first ever capital gains tax. Their wealth grew by more than $748 billion in Washington state between 2022 and 2024.
Polling shows Washingtonians overwhelmingly support fixing Washington’s upside down tax code, with 60% supporting the Millionaires Tax to fund education and health care. This data is backed up by the landslide rejection of Brian Heywood’s I-2109, with 64% of voters choosing to maintain the capital gains tax on extraordinary profits in 2024 and by an independent poll showing 61% support the Millionaires Tax.
About Invest in Washington Now
Invest In Washington Now is a network of over 130,000 Washingtonians from across the state united for a just and equitable tax code. We led efforts to pass the state’s capital gains tax on extraordinary profits and defended it at the ballot last year by defeating Initiative 2109 with over 64% of the vote. Learn more at investinwanow.org
