Legislators passed a budget on the last day of legislative session that avoided the worst cuts to education, health care and other services by raising new revenue – expanding the capital gains tax, closing tax loopholes, and increasing taxes on big corporations.
These are the revenue bills that are helping to balance the budget:
- SB 5813: increases taxes on the capital gains of mega-millionaires and billionaires by adding an additional 2.9% tax on capital gains over $1 million
- SB 5794: closes tax loopholes for special interests like gold bullion sellers
- HB 2081: applies an additional 0.5% surcharge on businesses with taxable income over $250 million
Now the budget and its associated revenue bills are with Governor Ferguson, who gets to comb through the budget and decide which parts to approve or veto.
It is crucial that Governor Ferguson sign these revenue bills into law to avoid more devastating cuts to the services Washingtonians rely on. These bills help balance the budget fairly, asking the wealthiest residents and corporations to pay their fair share. The Governor has previously been reluctant to support progressive revenue, so he needs to hear from Washingtonians that these revenue bills are the best path forward for our state.
Click the button below for an action by Invest in WA Now, and send an email to Gov. Ferguson's office asking him to sign these bills into law!
Tell Governor Ferguson that WA needs progressive revenue:
