Opinion: Why Washington's capital gains tax should be upheld
By Katie Baird – University of Washington Tacoma
On Jan. 26, the Washington state Supreme Court will hear arguments about whether to uphold its new 7% tax on stock profits larger than $250,000.
Foremost, the Court should let the tax stand because it is constitutional. But the tax will also allow Washington’s small towns, especially those that are struggling, to see outsized benefits as it will help fund the new child care services that so many of our state’s rural communities desperately need.
As an economist, I’ve joined numerous rural leaders, including Pullman small business owner Nick Pitsilionis, in an amicus brief urging the State Supreme Court to help rural economies by upholding the tax.
Pitsilionis owns a restaurant where his employees sometimes miss their shifts or bring their children to work because they cannot find affordable child care. He does what he can to accommodate them, sometimes even allowing their children to sit in the restaurant’s office while their parents work. He says the lack of adequate child care in Pullman puts a strain on the rest of his crew, who must pick up the slack when an employee misses work because they lack good child care options.
https://www.bizjournals.com/seattle/news/2023/01/16/washington-state-capital-gains-tax-katie-baird.html
