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Thursday, November 21, 2024

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Federal inquiry traces payments from Gaetz to women; a new Florida-Puerto Rico partnership poised to transform higher-ed landscape; MT joins Tribes to target Canadian mining pollution; Heart health plummets in rural SD and nationwide; CO working families would pay more under Trump tax proposals.

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Transgender rights in Congress, a historic win for Utah's youngest elected official, scrutiny of Democratic Party leadership, and the economic impact of Trump's tax proposals highlight America's shifting political and social landscape.

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The CDC has a new plan to improve the health of rural Americans, updated data could better prepare folks for flash floods like those that devastated Appalachia, and Native American Tribes could play a key role in the nation's energy future.

Repeal of WA's capital gains tax would hurt families, opponents say

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Thursday, September 26, 2024   

The election is less than six weeks away and Washingtonians will be deciding on a slate of initiatives, including one measure affecting funding in support of children.

If passed, Initiative 2109 would repeal a 7% tax on capital gains for assets worth more than $262,000. The repeal has support from hedge fund manager Brian Heywood, who said it is a slippery slope toward a state income tax, which the state does not have.

Gabriela Quintana, senior policy associate for the Economic Opportunity Institute, said fewer than 4,000 people in the state pay the tax.

"It's a very privileged move to be able to fund these initiatives for your own needs and to not think about the impact this will have on a huge majority in Washington state," Quintana contended.

Last year, the tax pulled in about $786 million. The first $500 million collected from it goes toward schools, early learning and child care. Any additional money collected goes toward school construction.

Justin Fox-Bailey, president of the Snohomish Education Association, said the vast majority of Washingtonians who do not pay the capital gains tax will be affected if Initiative 2109 passes, especially kids.

"They're going to feel it in their communities when we give a tax cut to these millionaires and billionaires and you don't have the same access to child care, your kid's school isn't getting updated, public services are being cut or reduced," Fox-Bailey pointed out.

Washington has historically had one of the most regressive tax systems in the country and a recent report found the lowest-income 20% pay more than three times as much of their income as the top 1%.

Quintana argued the capital gains tax is vital for the state.

"We all need to play a role, including the wealthy individuals," Quintana asserted. "Repealing it will only really hurt families and children."

Ballots start going out on Oct. 18.

Disclosure: The Economic Opportunity Institute contributes to our fund for reporting on Budget Policy & Priorities, Education, Livable Wages/Working Families, and Senior Issues. If you would like to help support news in the public interest, click here.


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