The Stand

Rally Jan. 26 at State Capitol to support fair taxes

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$500 million in Washington’s education, childcare funding at risk in lawsuit challenging capital gains tax on super-rich

 

OLYMPIA — Invest in Washington Now, a movement of educators, working families and everyday Washingtonians advocating for progressive revenue solutions, is holding a rally to show support for the capital gains tax on the super-rich starting at 11:30 a.m. on Thursday, Jan. 26 on the steps of the State Capitol building.

TAKE A STAND — Multiple unions that support making Washington’s tax system more fair are part of this coalition and are urging all members and community supporters to attend Thursday’s rally. RSVP now.

The Jan. 26 rally is being held as the Washington State Supreme Court is scheduled to hold a hearing on Quinn v. Washington, a lawsuit challenging the publicly popular capital gains tax on the wealthiest Washingtonians’ extraordinary stock market profits. The case could eliminate more than $500 million per year in education and childcare funding.

In poll after poll, voters want the super-rich to pay their fair share of taxes and Washingtonians support the capital gains tax of 7% on extraordinary stock market profits greater than $250,000 (KING 5/Survey USAToposGBAOPPPGBAO). Only 0.2% of Washington taxpayers see enough profits to pay this tax. Sales of real estate, retirement assets, small businesses, and farms are all exempted.

Washington is the worst in the nation when it comes to our upside-down tax system – where the lowest income families pay the biggest share for our state’s hospitals, roads, and schools. The state’s broken tax code perpetuates institutional racism and economic inequality.

In 2021, the Washington State Legislature took steps to address this, including passage of SB 5096, sponsored by Sen. June Robinson (D-Everett), creating the excise tax on extraordinary capital gains. Forty three other states have similar taxes on the super wealthy. The revenues collected are directed to the Educational Legacy Trust Account, which supports K-12 schools and early learning initiatives. Importantly, it finally created a revenue option that does not ask more of working families and wage earners.

But now, a lawsuit supported by wealthy Washingtonians threatens to undermine that progress and once again allow the super-rich to void paying their fair share to support the state’s essential services.

Last week, Invest in Washington Now held a press briefing by attorneys and supporters of the excise tax on extraordinary capital gains to explain why the courts should not interfere with the Legislature and the will of the people on this issue.

 

Please join the union members and many others who support education, child care and tax fairness at the Jan. 26 rally.

Short URL: https://www.thestand.org/?p=113798

Posted by on Jan 23 2023. Filed under STATE GOVERNMENT, TAKE A STAND!. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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