Dear Friends and Neighbors
To say that the last few weeks have been intense and demanding is an understatement. Floor action for the Senate and the House during this point in session is always an all-encompassing time that combines long hours, minute focus on the bills before us for consideration and ensuring that all voices are heard during debate.
Capital Gains Income Tax
In a recent newsletter, I shared information on this year’s capital gains income tax proposal. This legislation, Senate Bill 5096, passed off of the Senate floor on a Saturday afternoon by a one vote majority, 25-24, after 4 hours of grueling debate. Watch my remarks on final passage here. The only bright spot — we were able to strip the emergency clause from this bill, potentially allowing you — the voter — to voice your opinion in the form of a referendum. The residents of this state have rejected this tax 10 times before and should be allowed to have their say again!
This tax does not help our low-income families like proponents said it would by fixing our regressive tax code; SB 5096 does not reduce any existing taxes. If we really wanted to help those that need it the most, we could and should have done just that. Here is a list of ACTUAL regressive taxes in Washington state and where we rank in the nation:
- 1st highest tax on liquor at $33.22 per gallon. That is 50% higher than the next state.
- 3rd highest tax on cell phones at 19.83%
- 4th highest tax on gas at 49.4 cents per gallon – and that will likely go up after this session!
- 10th highest tax on cigarettes at $3.03 per pack