Capital gains tax unfair to retirees with investments

Regarding recent proposals for a capital gains tax, it will never be enough! We were saddled with increased property taxes this year to pay for schools, but now the Superintendent of Public Instruction wants more, in the form of a capital gains tax. He wants to shift the tax burden of 4 million people who pay property tax to only 53,000 people who would pay capital gains tax.

My wife and I are two of those 53,000, both retired, and making a significant part of our retirement income from investment income. When we start drawing down our 401(k)s and IRAs, almost 100 percent of that will be taxed under Chris Reykdal’s scheme. Those retirees who rely mostly on their 401(k)s and IRAs to live on will be hurt the most. In our case, Reykdal wants to replace $340 in property tax reduction with a $5,300 capital gains tax, on top of the $1,200 property tax increase this year! This is insane! Just say no!

John Weiss


More in Opinion

Editorial cartoons for Saturday, Feb. 22

A sketchy look at the day in politics.… Continue reading

Editorial: Avoid damaging trade war over Boeing tax break

At the jetmaker’s request, state lawmakers are considering suspension of a lucrative tax incentive.

Schwab: How ‘justice’ is defined at the law firm of Trump & Barr

When Barr complains Trumps’ tweets make it hard to do his job, he means the job of serving him, and only him.

President Trump must be removed from office

Donald Trump is without grace and without honor. He’s irrational, illogical, immovable,… Continue reading

Herald more balanced than I thought?

There have been many times that I nearly cancelled my subscription to… Continue reading

Editorial cartoons for Friday, Feb. 21

A sketchy look at the day in politics.… Continue reading

Editorial: Your presidential primary ballots are in the mail

But if you’re voting for a Democrat, you might want to wait before marking your choice.

Editorial: Insurance fee could limit wildfire risk, damage

A modest tax would fund $63 million each year for forest health and fighting wildfires in the state.

Editorial: Our county’s dubious distinction on school funding

The failure rate for levies and bonds in the county is in contrast to 90 percent approval statewide.

Most Read