Statement by Executive Director Eli Taylor Goss on the passage of the Millionaires Tax
Today is an exciting day.
The passage of the historic Millionaires Tax is a significant step toward fixing our state’s upside-down tax code. It ensures the ultra-wealthy pay more of their share of taxes, and it gives a tax rebate to more than 800,000 low- and moderate-income households [link to WFTC blog post]. When implemented in a few years, the Millionaires Tax will also include sales tax exemptions, supports for small businesses, and revenue to fund vital programs that make our state a place we can all be proud to call home.
We know that the success and popularity of the capital gains tax and the Working Families Tax Credit, both passed five years ago, laid the foundation for the Millionaires Tax. These fixes to our tax code have been decades in the making. They are the result of the efforts of many grassroots advocates and everyday people who have called their lawmakers, testified at hearings, organized rallies, written letters to the editor, and talked to their friends and neighbors to encourage our elected officials to create a more equitable tax code for the people of our state. We also know that powerful special interests opposed this bill, and we are thankful that our legislators and governor stayed true to their values and did the right thing.
We will continue to work to protect these kind of tax reforms that are commonsense, that make a meaningful difference in people’s lives, and that make our state budget more equitable and sustainable. Such reforms are necessary to move toward true economic justice for the people of Washington.
My colleagues and I are deeply inspired by everyone involved in this ever-growing movement for tax justice. It also would not have happened without statewide coalitions like the Balance Our Tax Code and Direct Cash coalitions, and national partners at the Center on Budget and Policy Priorities and the Institute on Taxation and Economic Policy, who do the work day-in, day-out to demonstrate the power of progressive tax code reform. And of course, the list could go on.
While we take time to celebrate this monumental new policy for our state, we are prepared for what’s ahead. The Millionaires Tax will undoubtedly be challenged on the ballot and in court. We’re in this for the long haul. We will continue to work to protect these kind of tax reforms that are commonsense, that make a meaningful difference in people’s lives, and that make our state budget more equitable and sustainable. Such reforms are necessary to move toward true economic justice for the people of Washington.