Solutions we support

Balance Our Tax Code supports a broad set of policies for a more equitable tax code, including:

• The Affordable Homes Act. Creates a permanent funding source to build affordable homes by making adjustments to the real estate excise tax. This change would lower the tax rate for most Washingtonians when they sell their homes, and would raise the rate on sales of homes above $3 million. These adjustments would raise funds for working class renters and people with disabilities who desperately need affordable and supportive homes in our neighborhoods.

• Tax on Excessive Wealth. Unlike real estate, financial assets like stocks and bonds are not taxed unless they are sold. We can close this loophole and pump the brakes on wealth inequality by enacting a 1% tax on stocks and bonds in excess of $250 million. Funds could pay for affordable homes, create community supports for people with disabilities, bolster public schools, and provide tax relief for working families.

• Fixing the High Earners Loophole for Employers. Corporations do not pay payroll taxes for social programs, like Washington’s popular Paid Family and Medical Leave program, on employees with salaries above $168,800. Closing this loophole could provide roughly $4 billion for Washington’s social safety programs.

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Balance Our Tax Code believes that budgets are moral documents and it matters who’s backs those budgets are balanced on.

For this reason, we support both raising new revenue and designating those funds to ensure that working families have what they need to thrive.

We only support tax cuts that directly benefit low-income Washingtonians.

Ideas we support include:

Putting cash back in the pockets of those most impacted by Washington’s upside down tax code through guaranteed basic income, a renters credit, and reform of the legal financial obligation system.

Making sure that the wealthiest one percent pay what they truly owe through taxes and disrupt the inequitable concentration of wealth through an inheritance tax and corporate compensation tax.

Developing progressive solutions to equitably fund our communities through access to transportation systems, homes that are affordable for everyone, and relief from the impacts of climate change.