Repealing capital gains tax would cost jobs and education funding, opponents say

By Carleen Johnson

Andy Nicholas with the Washington State Budget & Policy Center testified in support of the legislation establishing a capital gains tax.

“Due to the lasting effects of institutional racism, capital assets remain heavily concentrated among a small group of very wealthy and almost exclusively white households,” he said. “Taxing profits from their sale and investing the revenue in education, healthcare, childcare and other community needs, would help to address the widening racial wealth and opportunity gaps in our state.”

Treasure Mackley, executive director of Invest in Washington Now, also supports defeating I-2109.

“The first year it [capital gains tax] brought in $896 million which was over what was estimated," Mackley told The Center Square. "That goes to show how much wealth we have here in Washington state."

Read more at The Center Square