When we all come together to support each other, especially in times like these, we build a foundation for a healthy future.
State senators are considering a capital gains tax on the wealthiest households, who currently pay no tax on their windfall earnings. They should pass the measure and their colleagues in the state House should follow suit.
New, equitable revenue from capital gains is good for our kids, families and communities—those us who are struggling with the economic and health fallout of the pandemic, and those of us struggling with historic and current racism, segregation, discrimination and disinvestment.
Washington’s working families who struggle to get by pay roughly seven times greater share of their annual incomes in taxes, compared to the ultra-wealthy. Senate Bill 5096 prepares us for a stronger future—with $3 billion in new, equitable revenue. A new analysis says that it would create nearly 66,000 local jobs, and boost state gross domestic product (GDP), speeding our economic recovery.
This is a vital investment to prevent knee-jerk cuts to public services: health care, schools, and other necessities. Lawmakers should know that the alternative is unacceptable. They made knee-jerk cuts after the Great Recession—cuts that hurt kids, families and communities.
Finally, it’s only right: our state’s tax code can be a tool for racial justice and the common good. When we all pitch in, we can ensure that every child has what they need to thrive.
Take action here to support Senate Bill 5096.