A ‘no’ on Initiative 2109 is a ‘yes’ for WA children and families

“A vote is kind of a prayer for the world we desire for ourselves and for our children.” — U.S. Sen. Raphael Warnock, D-Ga.

Washington voters should reflect on those words from the gentleman from Georgia as they mark their ballots for the general election, specifically on Initiative 2109.

On the Nov. 5 ballot, voters are asked whether to repeal the state’s 7% capital gains tax. The answer should be a resounding “no.”

The tax is paid by about 4,000 super wealthy individuals only when they sell stocks and bonds or certain businesses and gain more than $250,000 in profit. The tax, which most states have at varying percentages, is too important for children and families to end just because a few multimillionaires don’t want to pay it any more.

Where does the revenue go? To help poorer school districts pay for much needed repairs and renovations that they could otherwise not afford, and to pay for day care and preschool for working families that need the assistance.

A child’s academic success often aligns with their parents’ economic status and the child’s preparation for elementary school. The capital gains tax helps equalize those factors by helping families that have little financial means access quality early education for their kids.

Read the full story in The Seattle Times.