Last year, Washington State legislators passed a capital gains tax on the profits wealthy state residents make when they trade stocks, bonds, and other assets. In response, a group of individuals recently filed Initiative 1929, an initiative that seeks to repeal this new law.
PPPA faculty members Katie Baird, Anna Lovasz and Tim Sharks, joined by six others, weighed in on the appeal effort, arguing that:
“I-1929 would continue to ask those with the least to pay the most by giving a tax cut to only the very wealthy individuals who pay this tax. This tax cut for the super rich would cost our state over $500 million per year in funding for childcare, early learning, and other education services that children and families across Washington depend on.”
If passed, I-1929 would repeal SB 5096, a 7% tax on capital gains profits greater than $250,000. If the initiative gets enough signatures, Washington residents would vote on whether or not to repeal the state’s new capital gains tax.