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Thursday, October 10, 2024

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Florida picks up the pieces after Hurricane Milton; Georgia elected officials say Hurricane Helene was a climate change wake-up call; Hosiers are getting better civic education; the Senate could flip to the GOP in November; New Mexico postal vans go electric; and Nebraska voters debate school vouchers.

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Civil rights groups push for a voter registration deadline extension in Georgia, federal workers helping in hurricane recovery face misinformation and threats of violence, and Brown University rejects student divestment demands.

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Hurricane Helene has some rural North Carolina towns worried larger communities might get more attention, mixed feelings about ranked choice voting on the Oregon ballot next month, and New York farmers earn money feeding school kids.

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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In Florida, the deadline to register to vote was Monday, and a Florida driver's license or Department of Motor Vehicles ID card was necessary to complete the registration. (Vilkasss/Pixabay)

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