skip to main content
skip to newscasts

Saturday, December 21, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Government shutdown looms after Trump-backed bill fails; Environmental groups sue CA Air Resources Board over biogas credits; NY elected officials work to electrify municipal buildings; Need a mental health boost? Talking hot dog is here.

view newscast page
play newscast audioPlay

President-elect Trump repeats his threats to jail Jan. 6th committee members, while also putting a stop-gap spending plan in jeopardy. A court removes Fani Willis from Trump's Georgia election interference case. The FAA restricts drones in New Jersey, and a Federal Reserve rate cut shakes markets.

view newscast page
play newscast audioPlay

Rural folks could soon be shut out of loans for natural disasters if Project 2025 has its way, Taos, New Mexico weighs options for its housing shortage, and the top states providing America's Christmas trees revealed.

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

play audio
Play

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.


get more stories like this via email
more stories
A survey from the American Heart Association revealed 79% of respondents neglect their health during the holidays. Many say they find this time of year more stressful than income tax season.
(deagreez/Adobe Stock)

Health and Wellness

play sound

Holiday travel is in full swing and for many, so is the stress. The American Heart Association of Missouri has health tips for anyone with heart …


Health and Wellness

play sound

By Amy Felegy for Arts Midwest.Broadcast version by Mike Moen for Minnesota News Connection reporting for the Arts Midwest-Public News Service Collabo…

Health and Wellness

play sound

With Christmas less than a week away, experts are giving advice on how seniors and the community can fight against social isolation. A United Health …


A new University of Miami study has found buildings in Sunny Isles Beach and Surfside have been sinking by 2-8 centimeters between 2016 and 2023. (Adobe Stock)

Environment

play sound

When the Champlain Towers South collapsed in Surfside in 2021 taking 98 lives, it sent shock waves across South Florida. The tragedy has left …

Environment

play sound

Rural communities across Massachusetts are benefiting from state grants aimed at strengthening the local food supply and building climate resilience…

Dairy digesters remove methane from liquified animal waste. The gas can then be used to generate power. (Lance Cheung/USDA)

Environment

play sound

Three environmental nonprofits filed suit Wednesday against the California Air Resources Board to oppose the expansion of a program allowing oil and g…

Environment

play sound

New York lawmakers are focusing on electrifying municipal buildings. Buildings statewide make up 32% of New York's greenhouse gas emissions and …

Social Issues

play sound

North Dakota is expected to rejoin the debate over whether all school children, regardless of their family income, should have access to no-cost …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021