I-2109 will repeal the capital gains tax on the wealthiest Washingtonians, slashing billions from crucial childcare and education funding over the next 5 years. But I-2109 won’t just impact childcare, education, and parents. It will also drain nearly $1 billion annually from Washington’s economy by eliminating more than 10,200 jobs every year, according to a new report from the Washington Budget and Policy Center.
The capital gains tax on extraordinary stock profits creates jobs, keeps families in the workforce, and increases dollars flowing back into communities, multiplying its economic return. Remember – Washington’s capital gains tax only applies to Wall Street windfalls, not real estate, retirement funds, or small family owned businesses.
But if I-2109 passes this fall, more than 10,200 jobs will be lost across the entire state, leading to a $1.2 billion loss in personal income and a $986 million GDP reduction – every single year.
Jobs lost won’t just be in childcare and education. Working parents will be forced to leave the workforce due to childcare struggles. Small businesses, restaurants, grocery stores, and other employers will be forced to spend more on employee turnover, and will face lost revenue due to decreased community spending and a smaller economy.
By cutting taxes on the extremely wealthy, I-2109 will unfairly shift the bill to middle-class families. Washington has the second-most upside down tax code in the nation, with middle-class households paying a three times higher share of their income on state and local taxes than the richest households.
Join me and thousands of Washingtonians in saying NO to I-2109 by endorsing the No on I-2109 campaign! Together, we can defeat I-2109.
In solidarity,
Treasure Mackley
Executive Director
Invest in Washington Now
Invest in Washington Now, 509 Olive Way Ste 1133, Seattle, WA, 98101