|This just in from Invest in Washington Now. |
After 10 years of coming together to push for change to our unfair tax system, all of us just won a huge victory for young kids, parents and schools. The WA Supreme Court just validated the capital gains tax on ultra-millionaires and billionaires. This is HUGE. Millions of students, whether in pre-school, high school, or technical college, will directly benefit from the extra $500 million per year raised by this tax on the ultra-rich. To be clear, this tax will decrease the pressure on low and middle income families. It impacts just the wealthiest among us. Only 0.2% of Washingtonian taxpayers will see enough profits to pay this tax. 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. Still wondering if the capital gains tax applies to you? Check out this video from math teacher Larry.
We have a long way to go, but when we insist that everyone — including the wealthiest Washingtonians — pay what they truly owe in taxes — we begin to undo decades of racism and disinvestment that hurts families, communities, and small businesses.