Washingtonians deserve an economy that works for us all. An essential part of that is a balanced tax code where everyone pays their share. Yet, Washington boasts the most upside-down system in the nation, where the state’s lowest-income earners pay 17% of their income in taxes while the wealthiest few pay just 3% of their income.

This legislative session, Democratic lawmakers wrote and passed Engrossed Substitute Senate Bill 5096, which created a 7% capital gains tax on the sale of assets like stocks valued above $250,000. The tax is estimated to raise about $415 million primarily for child care and early learning - both services that became clearly essential to Washingtonians during the coronavirus pandemic.

We know that good public schools, beautiful parks, and strong social services make Washington a great place to live. This long-overdue capital gains tax will go towards making sure that all Washingtonians pay their share in taxes and have the opportunity to thrive.

Vote "Maintained" on State Advisory Vote 37.