Trial Court Sides With The Super Rich, Ignores Public Support for Capital Gains Tax
Today a trial court judge in conservative Douglas County ruled against a publicly popular capital gains tax on the wealthiest Washingtonians’ extraordinary stock market profits.
In poll after poll, voters nationwide want the super-rich to pay their fair share of taxes (Impact Research) and Washingtonians support the capital gains tax of 7% on extraordinary stock market profits greater than $250,000 (King 5/Survey USA, Topos, GBAO, PPP, GBAO). Only 0.2% of Washington taxpayers see enough profits to pay this tax. Sales of real estate, retirement assets, small businesses, and farms are exempted.
WEA joined other parents, teachers, and a school districts in arguing that the $500 million per year raised by the capital gains tax is critical funding for much needed childcare, special education services, school construction and repairs, and early learning programs.
“I believe very wealthy Washingtonians have a responsibility to pay back the communities and public systems that helped them succeed so that others may follow,” said Kristin Cameron, WEA Retired member. “I’ve seen firsthand how the growing funding gap for schools directly impacts education and health outcomes for students. For example, the Wenatchee School District currently has state funding for just one school nurse to protect the health and learning environments of almost 8,000 students.”
“By protecting hundreds of millions in education funding, we are protecting money needed to fix leaky pipes, replace failing HVAC systems, and repair broken equipment in our schools,” added Wenatchee EA member and junior high English teacher Tammy Grubb. “I’m retiring in the next few years, and before I go I want to make sure all Eastmont students have access to the education they need to succeed as adults and community members.”
Almost every other state in the nation - including Idaho, Montana, and Oregon - taxes capital gains, and are better situated to help their states' economies recover from this pandemic.