Capital gains tax repeal: ‘How greedy have we become?’

By Michael Goldenkranz

Re: “WA lawmakers decided to tax the rich. Poll shows voters aren’t so sure” [July 23, Business]:

I’m chagrined after seeing the statistics on the high percentage of both Democrats and Republicans who would vote to repeal our state’s recent 7% capital gains tax on investment profits above $262,000, excluding real estate sales. The revenue would go toward education and school construction.

Our students seriously lag because of COVID-19 Zoom classes. The Washington Bankers Association, the Puget Sound chapter of National Electrical Contractors Association and the Building Industry Association of Washington are among business groups funding the rollback, in addition to individuals including an uber-elite Republican businessman.

How greedy have we become? What do we need to convince those who are on the fence that this capital tax is necessary? Can we show those in doubt how little they would be paying and what tangibly these funds would accomplish? Are there local prominent rich athletes or celebrities who could publicly rally to maintain this tax?

Read the letter in The Seattle Times