It’s about time Olympia started taxing me and my wealthy friends.
For all the progressive values that we proudly tout, Washington is shamefully No. 1 in the nation when it comes to relying on the poorest residents to foot an outsized percentage of their income to the state coffers.
Inequity is baked into our tax code. Relying on sales taxes is inherently regressive. The occasional one-time big item purchase by rich individuals hardly makes up for the everyday consumption of by working and middle class Washingtonians. The capital gains tax the state Senate recently passed, asks only the wealthiest residents of our state who are doing better than ever to pay a little more, in order to make up for lost revenue. This is a no-brainer.
Don’t let scare pieces fool you into believing this tax will destroy Washington. Its laser focus on the wealthiest residents ensures that most Washingtonians won’t even know it’s been passed. Although my friends and I may have to pay a couple extra bucks in taxes every year, we can easily afford it, while the investments created by this new revenue will go a long way toward reversing decades of inequality.