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Capital gains, Working Families Tax Credit proposals are the right move. Now budget writers must invest in key services
Democratic leaders in the state House and the Senate released their respective budget and revenue proposals, and the Budget & Policy Center applauds the fact that both plans take essential steps to balance our worst-in-the-nation, upside-down tax code. As we noted when the House budget proposal was released, the plan to close the tax break on capital gains will pave the way for a more sustainable tax code and necessary revenue to strengthen our communities. Senate leaders have smartly followed suit with a similar proposal to close the tax break on profits from the sale of capital assets.
As legislative leaders begin negotiations toward a final budget, we call on them to create a budget that will best serve our state, its people, and our economy.
We’re especially pleased that Senate leaders are taking a crucial additional step to rebalance the tax code by proposing a modern Working Families Tax Credit. This commonsense proposal would give hundreds of thousands of working Washingtonians a cost of living boost, putting that money straight into local economies. It would also make our tax code even more equitable by reducing the share of taxes paid by low- and moderate-income households.
As legislative leaders begin negotiations toward a final budget, we call on them to create a budget that will best serve our state, its people, and our economy. Here’s what we’ll be watching for:
Check out our press room for media coverage from all across Washington state on the Working Families Tax Credit, the capital gains tax, WorkFirst, and other key priorities of the Budget & Policy Center and our partners. And here’s a summary of media highlights on the Working Families Tax Credit.