Vote "Maintained" on State Advisory Vote 37. This long-overdue capital gains tax will go towards making sure that all Washingtonians pay their share in taxes and have the opportunity to thrive. We know that good public schools, beautiful parks, and strong social services make Washington a great place to live.
The tax is estimated to raise about $415 million primarily for child care and early learning - both services that became clearly essential to Washingtonians during the coronavirus pandemic. This legislative session, Democratic lawmakers wrote and passed Engrossed Substitute Senate Bill 5096, which created a 7% capital gains tax on the sale of assets like stocks valued above $250,000. Yet, Washington boasts the most upside-down system in the nation, where the state’s lowest-income earners pay 17% of their income in taxes while the wealthiest few pay just 3% of their income. An essential part of that is a balanced tax code where everyone pays their share. Washingtonians deserve an economy that works for us all.
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