Re: “Legal or not, remember shady road to capital-gains tax” [June 1, Opinion]:
Investing in child care through a capital gains wealth tax, a proposal that had widespread public support this year, was not “rushed” or “shady,” as The Seattle Times editorial board members wrongly claimed.
Proposals to tax capital gains have been debated by the state Legislature for nine years. The Times supported a similar proposal in 2015. During the 2021 state legislative session, lawmakers thoroughly vetted the proposal in multiple open and accessible virtual public hearings. Thousands of people — including wealthy Washingtonians who would pay this tax — made their voices heard in support of this proposal in testimonials, Op-Eds, social media and elsewhere. They, along with legislators, clearly made the case for why this policy matters: asking the ultrawealthy to pay a small excise tax on extraordinary profits would help make our tax code more equitable and help sustain investments in child care and schools after federal aid expires.
With this editorial so lacking in substance, it raises the question of why the editorial board is arguing against extremely modest improvements to a broken, racist tax code. Creating an equitable tax code and investing in the future is more important than protecting the massive profits of the wealthiest Washingtonians.
Misha Werschkul, executive director, Washington State Budget & Policy Center, Seattle