WA Supreme Court Accepts Direct Review of Capital Gains Lawsuit $500 Million/Year for Students On The Line

July 13, 2022
Contact: info@investwanow.org

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.” 

 

Earlier this year a trial court in Douglas County ruled in favor of the millionaires behind Quinn, which is attempting to eliminate $500 million per year in education funding raised from a 7% 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 child care, pre-schools, special education, and community and technical colleges, among other things.

 

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