State Supreme Court Ruling on Capital Gains Tax a Win for Washington’s Moms, Families and Economy
“Moms and caregivers across Washington applaud the state Supreme Court ruling upholding the capital gains tax, which provides the dedicated funding source for child care and early learning our state urgently needs. Washington’s tax code has long been the most regressive in the nation, putting an unfair burden on the lowest income workers by requiring them to pay the most in state and local taxes. The capital gains tax, along with policies such as the Working Families Tax Credit, are beginning to change that in ways that will boost moms, families, businesses, and our state’s economy. MomsRising and our members worked hand-in-hand with the child care and early learning community, organized labor, and others to mobilize moms, parents, and families across the state in support of the capital gains tax. Now the last hurdle to its implementation has been removed. This is a good day for Washington state.”
-Statement of Kristin Rowe-Finkbeiner, Executive Director and CEO, MomsRising
“The capital gains tax – an excise tax on excessive profits from sales of stock that will affect just 2% of Washingtonians – generates $500 million per year for education, including early learning and child care. Those funds are critical for addressing our state’s early learning and child care crisis. Revenues from the capital gains tax made it possible for the state legislature to pass and fund the Fair Start for Kids Act, which is the largest investment in child care in our state’s history. Quality, affordable child care allows moms and parents to hold onto the jobs that generate the income their families need to make ends meet and supports student success.
“We are just beginning to address decades of underinvestment in child care. Moms and families are rising for a just tax code and we won't stop here.”
-Statement of Maggie Humphreys, Senior Campaign Director for Washington State Moms Force, MomsRising