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.