Wealth Tax – Balance Our Tax Code

This tax on the excessive wealth of multimillionaires and billionaires could fund education, disability supports, housing, and cash assistance for working families.

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Hello,

I am a constituent writing to you in support of a wealth tax. Like you, I want to live in a state with community supports for people with disabilities, fully-funded schools, and homes we can all afford.

But because the wealthiest people and corporations have lobbied their way to a special tax deal, lawmakers like you are struggling to find funding for our communities’ needs. Despite great progress in righting our upside-down tax code, Washingtonians working for minimum wage still pay three times more of our incomes in taxes than our billionaire neighbors.

While some rake in millions on the stock market, those of us who are contributing the most in taxes are school teachers without struggling to pay for supplies, immigrants excluded from many opportunities to get ahead, and small business owners working overtime to stay afloat.

The only way to protect the livelihoods of working Washingtonians and address the root cause of our budget shortfall is by finally making the wealthiest pay what they owe.

Because you would only pay this tax if you have financial property over $250 million, only around 700 people in Washington would pay this tax. A small 1% tax on this excessive wealth would raise $3.2 billion per year for public education, supports for people with disabilities, affordable homes, and tax credits.

Multimillionaires and billionaires should pay what they owe in taxes and not expect working families to continue to subsidize more than our share for our schools, roads, and services.

Can I count on you to vote to pass the Capital Assets Ownership Tax this year?