Thank State Senators Who Voted YES on Capital Gains Tax On Extraordinary Profits
Washington state has the most upside-down tax system in the nation because those with the least pay the most. A low-income person pays about 17 percent of their income in state and local taxes while a middle- income person pays about 7 percent and a wealthy person pays about 3 percent. This disproportionately impacts our families of color, who are facing the worst impacts of the pandemic.
Our state legislators are stepping up to do something about it. Tuesday night, state Senators on the Ways and Means committee passed SB 5096, a capital gains tax on the ultra-rich’s extraordinary stocks and bonds. It adds a tax on high-end capital gains valued at more than $250,000. This assessment would impact just the 2 percent wealthiest Washingtonians but would raise more than $550 million annually for early learning programs, education legacy trust, and other programs to support equity, justice, and fairness.
We badly need to rebalance our tax code to make it more fair for low- and middle-income Washingtonians. Join us in thanking the Ways and Means committee members for their YES votes for this bill. Please take a moment to send an email to them, here.
There is still work ahead, however. The next step for the bill is to pass Senate Rules committee and then the full Senate before heading to the House. Stay tuned to help urge our lawmakers to support this critical bill that would make Washington’s tax code fairer.