As many of you know Initiative 1929 – which if it had collected the required signatures by July 1st would’ve been on our November ballot to repeal the newly approved (2021 legislative session) tax on less than one percent of our state’s households who receive revenue from a capital gain.
WA Partners for Social Change is a part of the BOTC (Balance Our Tax Code) coalition which is made up of numerous social justice organizations opposed to repealing this tax on a small part of our wealthiest individuals and households. This initiative’s organizers officially ended their effort in June when they realized they would not succeed in getting enough signatures to qualify for the November ballot. Over 20 states already have such a tax on wealth and here in Washington State the 2021 legislature’s passage of this investment was the culmination of a twenty year effort.
This law, which is begin set up by the DOR (Department of Revenue), is currently before the state supreme court; it is anticipated that the court will make its ruling public early in 2023. They are looking at a superior court judges ruling (from Waterville) that the current law is unconstitutional per a 1930s State Supreme Court ruling.
We remain hopeful that a Supreme Court ruling that upholds this law as constitutional will make a necessary and significant change in our tax structure, which is one of the most regressive in the country. This means that the lower income households pay more into the state treasury than wealthier individuals/households. Changing this will make taxes more equitable and fair.
WA Partners for Social Change urges advocates who want to make their voices heard on this important issue to write a letter to the editor in their local paper. The BOTC website has resources to help with that.