“While the rich seem to be doing fine, the kids in my program need all the help they can get”
Burien childcare provider Diana Llanes Macia shared her reasons for opposing I-2109 in a Washington State Standard column.
“Access to child care was critical for working families during the pandemic and still today. High-quality child care is expensive, and the new capital gains tax helps families afford the cost. By taxing the enormous profits the super-rich earn by selling stocks and bonds, our state brought in almost $900 million last year. This revenue helps to make quality care at child care facilities like mine more affordable for families, provides resources to K-12 public schools, and helps pay for school repairs and construction across the state.
The capital gains tax also made our tax code more fair. It’s no secret that Washington’s tax code is rigged, with low- and middle-income earners, like me, paying more than our share for things we all depend on – like schools, roads, health care and child care. Meanwhile, the wealthiest in our state pay a smaller proportion of their income in taxes.
Unfortunately, a hedge fund manager and the state’s Republican Party chairman teamed up to propose Initiative 2109, which would repeal the capital gains tax. That measure will appear on this November’s ballot. It could cost our kids and schools billions of dollars over the coming years and would give a tax break to millionaires and billionaires.
While the rich seem to be doing fine, the kids in my program need all the help they can get.”
She goes on to describe the possible impacts of I-2109 on children, parents, and on her small business.
“If I-2109 passes, I could lose as much as half of my enrollment. This would be catastrophic for my small business and families who could no longer afford care. Missed learning for children and missed hours for working parents won’t help Washington. The potential consequences could be devastating to an entire generation of early learners.”