OLYMPIA (April 19, 2019) — Another tax day has come and gone, and Washington still holds the top spot for the most upside-down tax code in the nation, where our working families pay six times more of their income in taxes than the richest households.
Democrats have the majority in Olympia and could take steps toward balancing our upside-down tax code and investing in the priorities that we know lead to thriving communities and healthy families. But time is running out — with just days left before the legislative session ends on April 28 — so the Washington State Labor Council, AFL-CIO is asking union members and all community supporters in Washington state to contact their legislators now and urge them to close the tax break on capital gains this year.
TAKE A STAND — Please call 360-302-2962 and you’ll be through to the legislative hotline . Staff will be standing by to take calls between 8 a.m. and 7 p.m. Monday through Friday. This hotline is set up specifically for speaking out in support of balancing our state tax code, and it couldn’t be easier: Staff will ask you for your name and your address, so they can help find out which legislative offices you need to contact, and you’ll have an opportunity to leave a voice mail for those legislators. Urge your legislators to close the tax break on capital gains this session.
In nearly every other state, the wealthiest 1 percent pay capital gains taxes on extraordinary windfalls from assets like stocks and bonds, but not in Washington. So every time Jeff Bezos sells off $1 billion in Amazon stock to fund his space tourism enterprise, he doesn’t pay a penny to Washington for our schools, health care, and roads.
Proposals in both the House and Senate would change that, by closing the tax break on capital gains for six-figure profits from the stock market. These proposals would only impact a small handful (0.2-0.4 percent) of the wealthiest households in the state, some of whom have even testified in support of these proposals in Olympia.
Lawmakers only have about another week left until they go home, and Washington’s working families spend another year paying a greater share of taxes than the richest Washingtonians who can afford to do more.
Please make the call today: 360-302-2962.