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Sunday, May 28th, 2023

Washington’s $849 million capital gains windfall shows ‘taxing the rich is a really good idea’

Author:     Brett Wilkins
Source:     AlterNet
Publication Date:     27 May 2023
 Link: Washington’s $849 million capital gains windfall shows ‘taxing the rich is a really good idea’
Stephan:  

As I am writing this it has just been announced that the Republicans and Democratic negotiators have reached a deal on the debt. At the same time I am reading a first report on the effects in my state, Washington, that have resulted from raising taxes on rich. Remember 25% of the nation’s debt came from the Republicans under Trump drastically cutting the tax rate of the rich. The Washington tax increase should be a model for the country because it produces all good news. Here is the report.

Charities often move ‘dark’ money that shapes public policy: report Credit: AlterNet

Proponents of progressive taxation on Friday pointed to data showing Washington state stands poised to reap $849 million in revenue during the first year of its capital gains tax as proof that taxing the rich works—and could serve as a template for federal legislation.

The Seattle Times reports that when Washington state lawmakers passed this fiscal year’s budget, they anticipated collecting $248 million in revenue from the 7% tax on the sale or exchange of stocks, bonds, and certain other assets above $250,000.

However, the legislators were pleasantly surprised when figures showed the state has collected over $600 million more than that.

While the amount collected could change after around 2,500 taxpayers who applied for extensions file their returns, progressives welcomed the windfall that will fund public schools, early childhood education, and building and repairing schools across the state.

“Hey, hey! What we knew would happen: Make the wealthiest pay their fair share and it finances investments in education, transportation, and more,” 

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2 Comments

  1. Rev. Dean on Sunday, May 28, 2023 at 6:18 am

    TAX THE RICH! I’VE BEEN SAYING THAT FOR DECADES NOW AND WILL SAY IT FOR THE REST OF MY LIFE!

    • Sam Crespi on Sunday, May 28, 2023 at 8:15 am

      I personally know some very very rich who not only willingly pay their taxes but also create foundations and ways to help those in need. I don’t know all the tax details on foundations, etc. But, I’ve never believed in absolutes..like all rich are bad…and they don’t put their shoulders to the wheel of life..they’re all stingy.