Testimony to Support Cap Gains Tax

Seeking people to testify! The House Finance committee will take public testimony on HB 2967. This capital gains tax bill would not tax gains on residences, retirement-accounts, college-savings accounts, inherited capital assets, dividend payments, or agricultural land. The 7% capital gains tax would only apply to capital gains in excess of $50,000 per year for a married couple and $25,000 per year for single filers. This bill includes no referendum to the public. This proposal includes a buy down of the property tax and an expansion of the senior exemption for property taxes.

This bill is a huge step in the right direction for Washington state. Washington’s Paramount Duty supports this bill but will seek to amend it to raise the tax rate on the most wealthy in our state in order to add new revenue to invest in public schools for Washington’s 1.1 million students and other critical state needs. Nearly every other state, including Idaho, has a capital gains tax. It does not cause rich people to move away. California raised taxes on the rich to fund schools in 2012 and Silicon Valley’s wealthy residents are all still there.

Most of the new revenue from a capital gains tax would be paid by the richest 1% of households — meaning those with incomes of at least $490,000 per year. Washington voters like it too — a recent poll showed 65% support this plan.

Please come testify! WPD will provide analysis. Please also email summer at paramountduty dot org. This is your opportunity to have your voice heard to support progressive new revenue in Washington state and ask that it be amended to include additional revenue to invest in education.

HB 2967:  http://app.leg.wa.gov/billsummary?BillNumber=2967&Year=2017Sponsored by: Representatives Lytton, Dolan, Wylie, Frame, Valdez, Pollet, Doglio, Santos, and Macri