Financial Intangibles Tax (FIT) SB 5797

This tax on the excessive Wall Street wealth of multimillionaires and billionaires would fund our public schools.

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Hello,

I am writing to you in support of the financial intangibles tax, SB 5797. Like you, I want to live in a state where all our kids attend schools with great learning programs, well-funded special education, and educators that can afford to do the jobs they love.

But because the wealthiest people and corporations have lobbied their way to special tax deals for decades, lawmakers like you are struggling to find funding for our state’s schools. Despite great progress in righting our upside-down tax code through popular measures like the capital gains tax, Washingtonians working for minimum wage still pay three times more of their incomes in state taxes than their billionaire neighbors.

While some rake in millions on the stock market, those of us who are contributing the most in taxes are school teachers 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 revenue shortfall is by finally making the wealthiest pay what they owe.

Because the wealthy few would only pay this tax if they have Wall Street wealth over $50 million, it would only be paid by roughly 4,300 Washingtonians. A small tax on this excessive wealth would raise billions per year to ensure all students can attend public schools that are student-focused and meet their unique needs.

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.

Can I count on you to vote to pass the Financial Intangibles Tax this year?