As Seattle college students returned to the classroom right this moment, advocates stood exterior of the development web site of the brand new Tyee Excessive Faculty to remind the voting public {that a} wealthy hedge fund man desires to intestine public training funding by a unprecedented $2.2 billion over 5 years to present the very wealthiest few Washingtonians a tax break—urging anybody who cares about public training, college development, childcare, and early studying to vote no on I-2109 in November.
“The long run’s of scholars and younger, sensible minds throughout the state ought to by no means be traded for an additional zero on the tremendous wealthy’s pay,” stated highschool senior Jurnee Robinson at a press convention in entrance of the SeaTac college.
Extremely-wealthy hedge fund CEO Brian Heywood launched the Let’s Go Washington marketing campaign to battle towards, amongst different issues, progressive taxation. Whereas he could attempt to paint himself as a humble, man-of-the-people along with his flannel button ups and farmer cosplay, Heywood spent greater than $6 million himself to advertise his nightmare slate of initiatives. The state legislature handed three of his initiatives outright — one to majorly ease police pursuit restrictions, one to reaffirm a ban on native and state revenue taxes, and one advantage sign to the homophobic rightwing within the type of a “Dad and mom Invoice Of Rights.” The legislature despatched his assaults on the Local weather Dedication Act, the long-term care payroll tax, and the brand new capital positive factors tax to the voters.
I-2109 would repeal the 2021 capital positive factors tax, which imposes a 7% tax on any revenue in extra of $250,000 a yr from the sale or trade of sure long-term capital property similar to shares and bonds. The state legislature supposed the tax to shift the steadiness of our state’s tax burden, which falls disproportionately on low-income earners. The state made a tax so slender it solely impacts the wealthiest .2% of Washingtonians however nonetheless generated $896 million in 2023. In keeping with the Washington State Price range and Coverage Heart, the tax will generate a projected $5.2 billion by way of 2029 — about $2.2 billion will go towards college development. Tyee Excessive Faculty represents considered one of over 170 college development tasks funded by the brand new capital positive factors tax.
On the presser, former Tyee instructor Shawna Moore described the poor circumstances on the previous constructing, which opened in 1963.
“What message do you suppose it sends our college students about how a lot the state cares about their training when it may well’t even put a non-leaking roof over their heads? How was I alleged to conduct a PE class when the fitness center roof is leaking and my college students had been vulnerable to slipping and being injured throughout our actions?” Moore requested.
Robinson stated she and her classmates watched as college students in wealthier areas permitted hefty levies to get new faculties. The capital positive factors tax helps unfold that wealth round. In keeping with the Washington State Price range and Coverage Heart, 84% of the capital positive factors income in 2023 got here from about 2,000 households in King County, however 75% of the income for college development went to tasks exterior of King County. Lastly, Robinson stated, “thanks partly to the capital positive factors tax on extraordinary earnings, we obtained ours.”
“Whereas I received’t be a scholar right here anymore by the point the brand new college is completed in 2025, I’m excited that future and youthful college students, together with my brother in a number of years, could have the training surroundings that they deserve,” Robinson stated.
And faculty funding doesn’t simply profit college students, it advantages staff too. Andrea Ornelas, Assistant Political Director at Laborers 242, spoke in regards to the job alternatives the capital positive factors tax has created. Current evaluation forecasts that repealing the capital positive factors tax would lead to 10,000 job losses and a $1.2 billion discount to state private revenue yearly.
Apart from college development, the capital positive factors tax pays for the Truthful Begin for Children Act, which helps make baby care and early studying extra inexpensive for Washington households. The tax has created greater than 10,000 inexpensive childcare openings, in line with estimates by the Washington State Price range and Coverage Heart. Diana Llanes, who runs the As soon as Upon a Time bilingual childcare middle in Burien, estimated that if I-2109 handed, she would lose half her enrollment.
The strain towards I-2109 is way bigger than the audio system on the press convention Tuesday. In keeping with their web site, the Washington State Democrats, the Washington Training Affiliation, Financial Alternatives Institute, and an extended listing of different teams have requested voters to vote no on I-2109 this November.
