State's capital gains tax can do great deal of good
By Treasure Mackley / For The Herald
The Washington state Supreme Court is deciding a case about the state’s capital gains tax. On one side are thousands of students and families who will benefit from investments in childcare, early learning and education. On the other are a handful of the wealthiest people in the state who want another tax cut.
This law, passed in 2021 by a majority of lawmakers in Olympia, would $500 million every year to K-12 public schools, preschools and childcare. It means better outcomes for students, a more stable workforce for employers, and more jobs for workers in every county. Plus, it’s an important step in making sure the richest people in Washington pay what they truly owe in taxes.
There are some folks who like the old tax code just the way it is. It’s no surprise that a small group of them sued to overturn the capital gains tax law. They filed lawsuits in conservative Douglas County, where a Superior Court judge ruled in their favor. Some of these same folks also filed an initiative to permanently repeal the capital gains tax, but they folded their campaign in June because they simply didn’t have the financial or public support. Their friend and fellow initiative proponent Tim Eyman didn’t help their case.
The lawsuit is just another delay tactic by millionaires to avoid paying what they owe for Washington’s childcare, pre-schools, and other education programs. They want to put their own self-interests and fortunes ahead of our communities.
https://www.heraldnet.com/opinion/comment-states-capital-gains-tax-can-do-great-deal-of-good/
