House Finance, Today at 10am (Monday, March 15)
Washington State has long had the most upside-down tax code in the nation. Our poorest families pay six times more, as a percentage of their income, than the richest. The COVID-19 pandemic has turned this serious problem into an emergency, which we must address with an emergency wealth tax on capital gains.
No revenue forecast will mitigate the crises WA families are facing and even further federal aid would be insufficient to the size of the problem.
Legislators must pass the wealth tax on capital gains with an emergency clause to get help out to people and small businesses immediately.
This tax would be paid on profits above $250,00 per year with exemptions built in for retirement accounts, the sale of a small business, real estate transactions, and more.
This truly is a tax on only the extraordinarily wealthy.
It’s only fair that those who have done incredibly well during the pandemic do their fair share to help out less fortunate Washingtonians.
Together, we can rebuild an economy where all of us can thrive.
