State Initiative I-2019 is bad for most Washingtonians. Washington State residents have a median income of roughly $60,000. That means that half of us have incomes less than that.

Some people who have incomes of $250,000 or more don’t even work for it. Instead, they sell stock for a profit. Yet their income tax is lower than their secretary’s tax; all they pay is capital gains tax on the profit they make from buying and selling stock. And because the first $250,000 of profit is exempt, they have to make a lot in the stock market before they pay a cent in capital gains tax.

The capital gains tax is one of the best taxes we have in Washington State (and even better for us in Jefferson County). It hurts the least, and it exempts family businesses and home sales. Sales and property taxes hurt more because they burden those less able to pay taxes and stay afloat.

Nonetheless, the rich people who pay capital gains tax are not happy about it. So, one hedge fund manager hired signature gatherers for I-2019, which would repeal the tax if passed. (He had to hire the signature gatherers because he couldn’t find enough people who believed in his repeal campaign.) If his initiative wins, the sizeable state revenue that the capital gains tax currently collects would have to be made up by increases in sales or property taxes, or cuts in schools, early learning, and childcare programs.  Vote NO on I-2109.

David Gordon

Port Townsend