I-2109 & I-2111 Would Gut $900 Million from Education and Could Bring Serious Consequences For Millions of Washingtonians
Olympia, WA: A mega-millionaire under investigation by the WA Public Disclosure Commission filed a ballot initiative to the legislature that would defund paid family leave, long term care, and other public services, and repeal the capital gains tax on the wealthiest .02% of Washingtonians, taking nearly $900 million per year from Washington’s schools and childcare.
Treasure Mackley, Executive Director of Invest in WA Now, said:
“These initiatives would allow one mega-millionaire to rig the state’s tax system for himself. Washington voters strongly support making the rich pay what they owe, especially when it comes to taking care of our kids and families. We are confident voters will see these poorly written initiatives for what they are: greedy money grabs with serious consequences.”
Dr. Stephan Blanford, Executive Director of Children’s Alliance:
“With passage of the capital gains tax, our state went from being one of the most regressive tax systems in the country to one that promises to be more balanced. The tax was a critical first step in rectifying a tax code built on institutional racism that places a disproportionate burden on Black, brown, and Indigenous people. Once again, a small number of ultra-millionaires and billionaires are now trying to roll back progress to avoid paying what they owe.”
Larry Delaney, President of Washington Education Association:
“At a time when school districts across the state are facing budget shortfalls, this initiative would take $900 million from our schools. Washington’s kids and families cannot afford to pay for a tax cut for a few thousand extremely wealthy individuals.”
These initiatives are bankrolled by mega-millionaire Brian Heywood, who would likely personally benefit from their passages. Heywood and his campaign are currently under investigation by the PDC for misreporting campaign funds.
I-2111 has a long list of potential consequences and serious legal issues, including gutting funding for paid family and medical leave, and long term care benefits. These are programs that Washingtonians are already using and depending on.
I-2109 would rollback the capital gains tax on stock windfalls paid by the wealthiest .02% of Washingtonians.
To give this tax cut to the super-rich, the initiative would take an estimated $900 million a year from the Education Legacy Trust Account, which funds:
- safety and other repairs to Washington’s aging schools,
- creating more preschools and childcare centers so parents can get back to work, and
- providing much needed assistance and equipment for students with disabilities.
According to a recent poll, only 31% of voters say they support it.
That’s consistent with poll after poll, where voters nationwide say they want the super-rich to pay their fair share of taxes (Impact Research). Washingtonians have long said they support the capital gains tax of 7% on extraordinary stock market profits greater than $250,000 (King 5/Survey USA, GBAO, PPP, GBAO).
Only 0.2% of Washington taxpayers see enough profits to pay this tax. Sales of real estate, retirement assets, small businesses, and farms are exempted.
Washingtonians sent more than 67,000 emails, voicemails and other messages to legislators, through Invest in WA Now alone, supporting taxing the ultra-wealthy, like these recorded messages.
Many more in the business community support the new tax. Small business owners and members of the tech industry see how immense wealth is stuck at the top. Struggling small businesses understand we need to get more money into the wallets of consumers to avoid another long recession.
Even people who will likely pay cap gains say they have an obligation to pay their share to help WA recover from the pandemic.
-end-