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Ditch Washington's Capital Gains Tax? The case for No on I-2109
Manage episode 443404797 series 3303135
When you go to vote this November, it won’t just be for President or Governor. You’ll also be voting on a group of initiatives - and these things are complicated. So we’re breaking all of them down here on Soundside this election season.
And this week, we’re turning to I-2109: aka, the measure that seeks to Repeal the Capital Gains Tax.
Passed by the legislature back in 2021, the tax took effect two years ago. It charges a 7% tax on the sales of some types of assets - things like stocks, bonds, and some types of businesses. The tax kicks in on profits exceeding $262,000.
Real estate, retirement accounts, and certain small businesses are exempt. Revenue from the tax goes towards education: the first $500m raised is earmarked for schools, early learning, and child care programs. The rest goes towards school construction and renovation.
This is a tax that’s only paid by an extremely small percentage of Washington taxpayers (.001%). 4,000 people paid Washington state capital gains taxes in 2022 - producing $786m dollars in revenue. Last year, that amount decreased to $433m.
Yesterday, we spoke with former Google engineer Vijay Boyapati about the case to vote “Yes” and repeal the capital gains tax.
Today, we’re speaking with someone from the vote “NO” on I-2109 campaign.
Guest:
- Treasure Mackley is executive director of Invest in WA Now, a Seattle-based organization advocating for progressive revenue measures in Washington State - including the Capital Gains tax
Relevant Links:
- Ditch Washington's Capital Gains Tax? The case for Yes on I-2109 - KUOW
- Washington Initiative 2109, Repeal Capital Gains Tax Initiative (2024) - Ballotpedia
See omnystudio.com/listener for privacy information.
840 epizódok
Manage episode 443404797 series 3303135
When you go to vote this November, it won’t just be for President or Governor. You’ll also be voting on a group of initiatives - and these things are complicated. So we’re breaking all of them down here on Soundside this election season.
And this week, we’re turning to I-2109: aka, the measure that seeks to Repeal the Capital Gains Tax.
Passed by the legislature back in 2021, the tax took effect two years ago. It charges a 7% tax on the sales of some types of assets - things like stocks, bonds, and some types of businesses. The tax kicks in on profits exceeding $262,000.
Real estate, retirement accounts, and certain small businesses are exempt. Revenue from the tax goes towards education: the first $500m raised is earmarked for schools, early learning, and child care programs. The rest goes towards school construction and renovation.
This is a tax that’s only paid by an extremely small percentage of Washington taxpayers (.001%). 4,000 people paid Washington state capital gains taxes in 2022 - producing $786m dollars in revenue. Last year, that amount decreased to $433m.
Yesterday, we spoke with former Google engineer Vijay Boyapati about the case to vote “Yes” and repeal the capital gains tax.
Today, we’re speaking with someone from the vote “NO” on I-2109 campaign.
Guest:
- Treasure Mackley is executive director of Invest in WA Now, a Seattle-based organization advocating for progressive revenue measures in Washington State - including the Capital Gains tax
Relevant Links:
- Ditch Washington's Capital Gains Tax? The case for Yes on I-2109 - KUOW
- Washington Initiative 2109, Repeal Capital Gains Tax Initiative (2024) - Ballotpedia
See omnystudio.com/listener for privacy information.
840 epizódok
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