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The latest on the Key Bridge collapse, New York puts forth legislation to get clean energy projects on the grid and Wisconsin and other states join a federal summer food program to help feed kids across the country.

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Will WA Lawmakers Tax Extraordinary Profits to Fund Budget?

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Friday, March 29, 2019   

OLYMPIA, Wash. – State lawmakers in Olympia will soon decide if taxes on Washington's wealthiest are the best way to fund its budget.

This week, House Democrats proposed raising taxes to nearly 10 percent on "extraordinary profits" or high-value assets like stocks and bonds. That's estimated to raise $780 million in the current budget cycle, and almost $2 billion in the 2021 to 2023 cycle.

The tax would apply only to profits above $100,000, or $200,000 for couples. A Senate budget proposal is expected soon.

Jack Sorensen, communications manager with the group Balance Our Tax Code, says the money raised from the tax could be invested in resources the state needs.

"Investing in early learning and K-12 education, investing in mental health care, investing in addressing the homelessness crisis,” says Sorensen. “These are all things that people across the state are looking to Olympia to take care of, and balancing our tax code by closing the tax break on capital gains is a great way to get there."

The capital gains tax would affect about 13,400 Washingtonians, or less than 0.5 percent of taxpayers. But last week, lawmakers found they have $860 million extra to work with in the budget – so, Republicans say there's no need to raise taxes.

They've also called the capital gains tax an "income tax in disguise."

Sorensen believes a higher capital gains tax is part of high-income residents paying their fair share.

The Evergreen State is ranked last for the fairness of its tax policy. According to the Institute on Taxation and Economic Policy, people in the top one percent pay 3 percent or less of their income in taxes – while those in the bottom 20 percent pay nearly 18 percent.

Sorensen expects more focus on this imbalance in the future.

"We're looking forward to this conversation continuing, and continuing to talk about what we can do to turn our tax code right-side-up, so working families aren't paying a six times greater share of their income than our richest households anymore,” says Sorensen.

In a hearing this week, three high-income Washingtonians who would pay this tax expressed their support for it. The legislative session ends on April 28.


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