The Washington state Supreme Court has failed Washingtonians by agreeing to uphold the constitutionality of the state’s capital gains tax. This is yet another way for the government to overreach and “money grab” from hard working Americans who chose Washington as their home.
The tax (being touted as an “excise tax”) is expected to bring in an additional $500 million in revenue. The state Legislature “plans” to use the revenue source to fund early childhood education programs. If my memory serves correctly, property owners pay “property tax” to the state to fund education. The justices ruled that money is “no longer” property and therefore subject to “capital gains tax” that they are considering “excise tax.” If you aren’t confused now, well, you should be. It is a bait and switch by Democrats to squeeze more money from you.
But wait, you are only taxed if you collect more than $250,000. For a state that rams “fairness and equitability” as a regular talking point, leadership is missing the mark. Democrats need to refer back to their message on equity.
The most concerning part are the comments from the governor: “For 134 years, Washington state has been waiting for the day when a fairer tax system came about, one where working people were not carrying an inequitable share of the burden … Today is that day. Washington’s capital gains tax helps right an upside-down tax structure where low-income Washingtonians ultimately expend a much larger share of their income in taxes than our wealthiest residents.”
I agree with a portion of his statement after removing a few words. We should all agree “Washingtonians ultimately expend a much larger share of their income in taxes.”
This is a travesty and should be revisited immediately.
As the story goes, taking small bites of the apple will get you closer to the core. This decision is the first step in getting deeper into the pockets of hardworking Washingtonians, regardless of class. The “capital gains tax” is being disguised as an educational funding mechanism that “levels” the playing field and is a “plan” is grossly misrepresented. Prediction: Once the dollars start to flow, a change in the “plan” will occur. The “plan” should be to manage what is already given, reduce in areas of financial excess, and make quality of life better for all classes.
Will Finn
mayor, City of Woodland
