Lawmakers, wealthy should consider I-2109's rejection
By Dr. Stephan Blanford and Treasure Mackley / For The Herald
While some contests in Washington state were too close to call on election night, we knew immediately about one major, decisive victory in Washington state. Overwhelmingly, voters rejected Initiative 2109, maintaining the capital gains tax on the wealthy few when they make big profits on stock sales.
Voters didn’t just turn down mega-millionaire Brian Heywood’s demand for a tax break for himself and his rich pals, they voted against cutting billions of dollars in funding for child care and early learning programs and K-12 public schools.
For advocates for education and tax fairness like us, the result was welcome but not surprising news. We’ve spent the last four years helping to pass the capital gains tax, defending it from two legal challenges, shutting down the first attempt to repeal it, and then seeing its fate finally sealed with the defeat of I-2109.
In the process, we talked to families across the state who are desperate for more affordable child care options. We heard from teachers whose students have greater needs than ever and whose classrooms need repairs. Small business owners lauded the capital gains tax for the revenue used to create new child care slots their employees need and jobs that will benefit their communities. And taxpayers understood that if the capital gains tax was repealed, it would shift more tax pressure to small businesses and working families, affecting our entire economy.
https://www.heraldnet.com/opinion/comment-lawmakers-wealthy-should-consider-i-2109s-rejection/