Tag Archives: Capital Gains Tax

A Highly Compelling Session: An Evaluation of the 2021 Washington State Legislature

by John Stafford


“The Legislature has just wrapped up an historic and truly extraordinary session. It has been the most innovative, having produced unprecedented and legacy making advances as all-encompassing as any session in the last 25 years.”

— Governor Jay Inslee, April 25, 2021

The Washington State Legislature has just completed its 2021 session — a 105-day event charged with passing three state budgets (operating, transportation and capital) and hundreds of policy bills, conducted exclusively online. From a liberal perspective, this has been an exciting and momentous session, with major legislative achievements in a wide range of areas.

I’ll evaluate the 2021 Legislative Session in 14 different areas: state budgets, tax reform, pandemic response, economic relief, housing and homelessness, K–12 education, health care, racial justice, criminal justice, gun control, labor, climate change, growth management act, and other, and give the session an overall grade. 

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The Morning Update Show — 4/26/21

The Morning Update Show — hosted by Trae Holiday and The Big O (Omari Salisbury) — is the only weekday news and information livestream that delivers culturally relevant content to the Pacific Northwest’s urban audience. Omari and Trae analyze the day’s local and national headlines as well as melanin magic in our community. Watch live every weekday at 11 a.m. on any of the following channels, hosted by Converge Media: YouTube, Twitch, Facebook, Periscope, and whereweconverge.com.

We also post the Morning Update Show here on the Emerald each day after it airs, so you can catch up any time of day while you peruse our latest posts.

Morning Update Show — Monday, April 26

Guest Host Brian Callanan | 16-year-old murdered in Rainier Beach | Police Reform Laws | New Drug Laws | Capital Gains Tax | Seattle News, Views, and Brews

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House Passes Capital Gains Tax With Amendment to Keep Referendum Off Ballot

by Leo Brine

(This article originally appeared on PubliCola and has been reprinted under an agreement.)


After a month of deliberations, the House finally passed capital gains tax legislation (SB 5096), including a pivotal amendment proposed by Finance Committee Chair Rep. Noel Frame (D-36, Seattle) that restored protections against a referendum—a public vote to invalidate a bill before it takes effect. Senators removed those provisions when they voted on the original bill in March. The bill now includes two sections that protect it from voter referendum; however, it no longer contains an emergency clause that would have caused the bill to go into effect right away.

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OPINION: Who Can Afford the American Dream?

by Bennet Vining


Growing up in Washington, I would often hear the “aspirational” success stories of white entrepreneurs like Bill Gates and Jeff Bezos, paired with the line: “You can do anything with hard work!” Like many other young People of Color, I bought into this dream. But as I grew older, the dream was quickly washed away by the reality that our state only sets folks like Gates and Bezos up for success.

Many Black, Indigenous, and other People of Color experiencing poverty, especially during the pandemic, know firsthand that housing, education, and basic needs are extremely difficult to maintain without the generational wealth some Washingtonians were born with. Still, every day, we hear from the people around us that we just need to work harder, be smarter with our money, or learn how to invest. Usually, the people telling us this are white and painfully unaware of the way our economy has been quietly benefiting them and harming us.

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OPINION: Economic Equity Requires Bold Action From State Legislators

by Marilyn Watkins


Washington’s State Senate has taken a major step toward a more just and lasting recovery from COVID-19 with passage of a new tax on extraordinary profits from the sale of stocks and other assets of the super-rich. Revenue generated from individuals who have continued to rake in wealth during the pandemic will help fuel the urgently needed rescue of families and small businesses and provide a start toward the long-term investments in child care, public health, and other supports our communities need to thrive.

If Senate Bill (SB) 5096 makes it past additional legislative hurdles to final passage, it will generate over $500 million annually from 8,000 or so of Washington’s wealthiest residents. The first $350 million of new public funds will go into the education legacy trust fund to finance childcare and early learning, K–12 education enhancements, and college access. Revenues beyond that will go into the general fund to support other priorities such as public health and housing and into a new taxpayer fairness account where it could finance the Working Families Tax Credit and other relief for lower-income households.

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Democratic State Senate Sends Capital Gains Tax to House

by Leo Brine


(This article originally appeared on PubliCola and has been reprinted under an agreement.) 

For the first time in Washington state history, state legislators had a floor vote on a long-proposed capital gains tax. Even more novel: They passed it.

On Saturday, March 6, the Senate Democrats, led by Sen. June Robinson (D-38, Everett) pushed SB 5096 through the senate. The bill passed 25 to 24 with most of the Democratic majority, including all of Seattle’s delegation, voting for it. The entire Republican caucus, along with moderate Democratic Senators Steve Hobbs (D-44, Lake Stevens), Mark Mullet (D-5, Issaquah), Annette Cleveland (D-49, Vancouver), and Tim Sheldon (D-35, Potlatch), voted against the bill. A capital gains tax has been part of Governor Jay Inslee’s biennial budget proposals since 2014 and has appeared in every biennial budget proposal since.

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