June 25, 2024
In this issue:
- Democrats’ dream of a wealth tax is alive
- In Our View: Voters should know how much initiatives cost
- Inequality: ‘Let’s continue to tax wealth’
- WA voters want more child care investments, new poll finds
The forces behind I-2109 and other bad initiatives are doing everything they can to keep the fiscal impact facts away from voters. They don’t want voters to know that I-2109 will slash more than $5 billion from childcare and education by 2030 by giving a tax break to mega-millionaires and billionaires. Now, we learned they are taking that fight all the way to the state Supreme Court.
But it’s not all bad news! The US Supreme Court ruled in our favor in Moore v. United States – a case that started in Washington state – by keeping the pathway to a wealth tax open.
And, WA voters say they want more investments in childcare, not less. And more than 100 parent, education, small business, and other community organizations – including Invest in WA Now – are coming together to defeat I-2109 to stop cuts to childcare and education. You can do your part by pledging to vote No on I-2109 this fall!
– Treasure
DEMOCRATS’ DREAM OF A WEALTH TAX
IS ALIVE
“For years, liberal Democrats have agitated for the United States to tax wealth, not just income, as a way to ensure that rich Americans who derive wealth from real estate, stocks, bonds and other assets were paying more in taxes. On Thursday, that dream survived a Supreme Court scare.
Thanks to a narrow court ruling, a raft of plans to use the tax code to address the gaping divide between the very richest Americans and everyone else appear set to live for years to come in the campaign proposals and official budgets of top Democrats.
The Supreme Court also could have taken an activist turn of the worst kind by preemptively ruling federal wealth taxes unconstitutional today, Amy Hanauer, the executive director of the Institute on Taxation and Economic Policy, which supports higher taxes on corporations and the wealthy, said in a statement. To its credit, the court did not do so.
But the ruling also showed a path for a wealth tax, albeit a narrow one. Justice Ketanji Brown Jackson, one of the court’s liberals, urged justices to allow the dispute to be resolved by the public, perhaps knowing that wealth taxes tend to poll well.”
More – Jim Tankersley, New York Times
IN OUR VIEW: VOTERS SHOULD KNOW HOW MUCH INITIATIVES COST
“Thurston County Superior Court Judge Allyson Zipp has ruled that ballots across the state must include information regarding the budget impact of three initiatives. The measures would close revenue streams approved by the Legislature in recent years, overturning a capital gains tax, the Climate Commitment Act and a long-term care program.
As Misha Werschkul, executive director of the Washington Budget and Policy Center, said: The Washington Constitution provides voters with the right to participate in the lawmaking process through the initiative and referendum processes. Voters have a right to know these initiatives cost too much and will have massive impacts on our state’s ability to provide critical services to all Washingtonians.”
INEQUALITY:
LET’S CONTINUE TO TAX WEALTH
“Many of us have accumulated resources beyond our needs — through hard work, inheritances, stock options, etc. And inequality will only get worse as the wealth transfer from older generations to their kids intensifies. I would count myself among this group, having inherited money when my mom passed away a few years ago. I have more than I need, and I would rather live in a society that invests in our community than be able to buy more stuff.
For decades Washington state was the worst in the country at taxing low-income people much more than high earners. But that changed thanks to a new capital gains tax and Seattle’s tax on high earners. And these tools fund things most of us care deeply about — public education and affordable housing. It seems that public policy does make a difference.
Rather than throw up our hands in the face of inequality, let’s continue to tax wealth — starting by voting no on Initiative 2109, which would eliminate the capital gains tax.”
More – Melanie Mayock’s Letter to the Editor, The Seattle Times
WA VOTERS WANT MORE CHILD CARE INVESTMENTS, NEW POLL FINDS
“Washington voters want more money invested in child care and support more taxes on wealthy people and businesses to pay for it. And, in a poll released Thursday, 87% of those surveyed said child care and early education will be priorities for them when casting ballots this November.
Washington already has a capital gains tax, which taxes proceeds from sales of stocks and bonds and directs that money into early learning and child care programs. Paying for the sweeping proposal sought by advocates would likely cost more than what the tax generates. It’s brought in $1.2 billion in its first two years of collections, but an initiative on the ballot this November could repeal the tax.
The most important thing is that voters support ensuring Washington’s wealthiest people and businesses fund child care because it is a critical part of our economy, said Lauren Hipp, national director for early learning and Washington state at MomsRising.
More – Laurel Demkovich, Washington State Standard
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