Summary:Quinn v. WA was filed by millionaires who are attempting to give themselves a tax cut. Quinn would eliminate more than $500 million per year in education funding raised from a 7% capital gains tax on extraordinary profits from stock sales exceeding $250,000 annually.
Impacts: Only 00.1% of Washington taxpayers see enough profits to pay this tax. Impacts by county.
Exemptions: All sales of real estate, retirement accounts like IRAs, family-owned small businesses, and farms, among other things.
Education Funding: The capital gains tax increases funding for the Education Legacy Trust Account, which supports child care, pre-schools, special education, and community and technical colleges, among other things. It also funds the Common School Construction Account, which helps with renovating, repairing, and building schools.
Summary: The State of WA and education intervenors are appealing the lower court’s decision, which takes away over $500 million/year from education and gives the super rich a tax cut. The WA State Supreme Court granted direct review. A hearing date is not yet set.
We are a movement of educators, working families, and everyday Washingtonians advocating for progressive revenue solutions. We believe that the best way to support families and businesses during the COVID- 19 crisis is to keep money flowing to our communities, invest in people, and ask the wealthy few and profitable corporations to do their part. Together, we can build a Washington that works for all of us.