The Impact of Repealing Washington's Capital Gains Tax: A Closer Look

The Tax That's Made a Difference: A $1 Billion Contribution in Two Years

As students head back to school, opponents of Initiative 2109 are sounding the alarm about the potential repercussions of repealing Washington's capital gains tax. With over $1 billion collected in just two years, this tax has made a significant impact on the state's education and child care programs.

The Education Connection: 171 School Construction Projects Funded

The capital gains tax has been instrumental in funding 171 school construction projects across Washington state during the 2023-25 fiscal year. These projects have brought much-needed upgrades to schools, including new buildings, modern facilities, and improved learning environments for students.

A Safety Net for Vulnerable Communities

Smaller, rural, and poorer districts often struggle to secure funding through local property tax levies. The capital gains tax has provided a vital safety net for these communities, ensuring that they receive essential state dollars for education and other critical services.

The Human Side: Families Affected by Repealing the Tax

Diana Llanes Macias, a child care provider, shared her concerns about what would happen if the tax is repealed. She worries that up to half of the families she works with would no longer be able to afford child care, leaving them without access to essential services and support.

A Misguided Approach: The Repeal Effort's Flawed Logic

Proponents of Initiative 2109 argue that lawmakers could find alternative sources of revenue. However, this approach ignores the complexities of state budgeting and the critical role played by the capital gains tax in funding education and child care programs.

A False Narrative: Repealing the Tax Won't Fix Everything

The repeal effort's narrative that eliminating the capital gains tax will somehow magically solve Washington's economic problems is a false one. In reality, this tax has made a positive contribution to the state's economy and has helped fund critical services for vulnerable communities.

A Call to Action: Vote No on Initiative 2109

As voters weigh their options in November, it's essential to remember the impact of repealing Washington's capital gains tax. By voting No on Initiative 2109, citizens can ensure that this tax continues to support education and child care programs, benefiting families and communities across the state.