Tag Archives: SB 5096

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: 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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