Washington Governor signs economic justice legislative package

Washington House Approves New Tax On Capital Gains
Ted S. Warren

A person walks near the Legislative Building, Wednesday, April 21, 2021, at the Capitol in Olympia, Wash. On Wednesday, lawmakers were considering a proposed new tax in Washington state on capital gains that would be imposed on the sale of stocks and bonds in excess of $250,000.

OLYMPIA, Wash. — On Tuesday afternoon, Washington Governor Jay Inslee signed what’s being described as an economic justice legislative package that includes a tax on capital gains and a tax credit for working families in need.

Joined by legislators, community groups and elected officials from around the state, Inslee signed the bill at the Tukwila Community Center. There, he spoke to the group and via live stream to Washingtonians about the possible upside fo this new package.

This is a day where Washington state starts to make progress on making our upside-down tax system fairer and more equitable,” Inslee said. “Today, we are taking steps to address this out-of-date system where working families pay a much higher percentage of their income than those who make a lot more.”

RELATED: Lawsuit filed to block new Washington capital gains tax

Under Washington state’s current tax structure, low-income families spend 14% more of their income than the state’s wealthy individuals. For reference, the lower class spends 17% of their income on taxes whereas the middle class pays about 13% and the upper class pays just 3% of their income on taxes. The new tax on capital gains is intended to make this system more even and fair for average Washington state residents.

Additionally, Governor Inslee signed legislation that champions the Working Families Tax Credit. By doing so, Inslee ensured that the state is seeing its promises through as legislative leaders didn’t properly fund the tax credit after it was cleared years ago. It adds an extra level of financial security for the hard-working, lower and middle-class families of Washington state.

“I would like to thank all the individuals, groups and labor involved for their hard work and years of effort on these very important pieces of legislation that will help many Washingtonians,” Inslee said.

RECENT HEADLINES FROM THE KAPP-KVEW NEWS STAFF:

RELATED: ‘Vaccinated’ sections will allow for more spectators at events, religious services in Washington