Lawsuit Would Give Super Rich $800 Million Slated For Child Care and Education
Olympia, WA: Invest in Washington Now, a non-profit organization fighting for a more fair tax code in Washington state, issued the following statement regarding a federal lawsuit challenging the state’s capital gains tax on the super-rich:
“Despite losing over and over again, these extremists are desperately trying to grab $800 million a year from Washington’s child care and education to give it to ultra-millionaires and billionaires. Polls show Washingtonians strongly support making the wealthiest pay what they truly owe in taxes for services all of us depend on. Only when we have a fair tax code can we undo decades of racism and disinvestment that hurts families, communities, and small businesses.”
– Treasure Mackley, Executive Director, Invest In Washington Now
The capital gains tax increases funding for the Education Legacy Trust Account, which supports child care, pre-schools, special education, and community and technical colleges; it also funds the Common School Construction Account, which helps with renovating, repairing, and building schools. Earlier this year, the Washington Supreme Court decision overturned a Douglas County judge’s earlier ruling in Quinn v Washington, a case brought by a small handful of ultra-millionaires. The 7% capital gains tax on stock sales’ extraordinary profits exceeding $250,000 annually does not apply to real estate, retirement accounts like IRAs, family-owned small businesses, and farms, among other things. It impacts just the wealthiest among us; only 0.2% of Washingtonian taxpayers will see enough profits to pay this tax.