Jay Inslee 2020
Jay Inslee 2020

A huge step in the right direction

Email sent: May 24, 2021 4:16pm
We're making our tax system fairer. Here's how.
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Inslee

Friend,

For too long, low-income Washingtonians have been paying 17% of their income in taxes, while the wealthiest pay just 3%.

It's upside-down. It's unjust. And it's got to end.

This legislative session, Washington state took a huge step in the right direction by passing a capital gains tax, and I was proud to sign it into law earlier this month.

In a moment, I'm going to explain why this matters so much. But first, I want to ask if you'll continue to help us transform our tax system into one that serves working people, not just the wealthiest Americans. Will you donate today so we can continue to make our tax system fairer together?

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Until now, Washington was one of just a few states that didn't tax capital gains (profits from selling investments like stocks and bonds). Under the new law, investments sold at a profit of more than $250,000 will then be taxed at 7% -- this is expected to affect less than one-quarter of one percent of Washingtonians.

But the revenue from those taxes will affect hundreds of thousands of Washingtonians because we're going to invest it in child care and public education throughout the state. In other words, the wealthiest Washingtonians will help the next generation of Washingtonians thrive, simply by paying their fair share.

I'm proud that we are taking a big step toward a fairer system and grateful to the many organizations, coalitions, and individuals who pushed for this progress alongside me. If you're in a position to do so, donate today so we can keep making progress on economic justice and equity here in Washington state.

Very truly yours,

Jay

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