Starting next year, Washington state is set to begin making a transformational investment in our children to the tune of $415 million, thanks to a new excise tax that most of the state’s residents will never pay. This tax applies only to massive profits made from stock sales, the kind that only the wealthiest 0.2% of Washington residents will see.
But a few of those ultra-rich residents would like you to help them eliminate the tax, even though doing so would take millions away from our children’s education. In the coming weeks, you’re likely to come across paid signature-gatherers asking for your help getting an initiative called I-1929 on the ballot. The effort, backed by several super-rich wealthy donors, seeks to eliminate Washington’s capital gains tax before it is fully implemented.
Please do NOT sign this petition. Now is not the time to cut taxes on billionaires – especially here in Washington state, where we have the most upside down, inequitable tax code in the nation. People who make the least in Washington pay the biggest share in state and local taxes, while the wealthiest pay the smallest. This 7% tax only applies to massive stock profits (and only those over $250,000), but it would make a huge difference in the lives of thousands of children.
Money raised through this tax will pay for:
- Reduced class sizes, training for teachers, school building improvements, and after-school programming
- Compensation increases for early learning and childcare educators
- Help for kids in K-12 who need extra support
- Financial aid, work-study, and other programs meant to bring higher education within reach for more students
If you’re itching to sign something, consider signing Invest in Washington Now’s petition: We Will NOT Sign I-1929, Tax Cut For The Super Rich.