WE WILL NOT LET GREED JEOPARDIZE OUR CHILDREN’S FUTURES

When Washington’s capital gains tax was first enacted in 2021, it was expected to raise about $248 million in the 2023 fiscal year, but we know now that it has raised almost $900 million. The first $500 million of this amount will be directed towards child care and public education, which we know is desperately needed. The remainder will fund school construction projects around the state. Given all of the challenges brought on by the pandemic, this is cause for celebration; additional funding for our children, whose lives have been so disrupted, seems like a no-brainer. Unfortunately, there are some who aren’t so enthusiastic about the news.  

Dr. Stephan Blanford at a rally in support of the capital gains tax in Olympia.

A small group of ultra-wealthy individuals have decided that schools and children are not worth their dollars, and that paying their fair share to uplift our communities does not align with their financial priorities. As unfortunate as this is, it is also not unexpected. The ultra-wealthy have always sought to rig the system in their favor, at the expense of communities that are under-resourced and marginalized.  

Earlier this week, these greedy actors filed initiatives to repeal the capital gains tax that Children’s Alliance and others fought for, stripping our students, educators, and child care providers of the necessary funds they are counting on to best serve our children and youth. Washington voters have repeatedly voiced their support for a fairer tax structure, and the Washington Supreme Court affirmed the legality of the enacted changes. That is why we will continue to fight for the capital gains tax and push for more progressive changes to our state’s economy, including a new wealth tax on ultra-high-value financial properties, and a statewide guaranteed basic income pilot program.  

We know you agree that paying for necessary community resources and support is a worthwhile way to spend our tax dollars, and we show this by continually paying our fair share to guarantee that funding. It is time for the ultra-rich to do the same.  

Read more about our plans for economic justice in Washington and join our partners in stopping the capital gains repeal.