Washington state has one of the most vibrant tech communities in the world, but it's under threat from the new anti-tech, anti-innovation, capital gains tax, passed in 2021.
I was curious how tech workers felt about this tax so I visited Microsoft and Amazon (see video below). What I learned shocked me.
Many employees of these companies (who receive a large portion of them compensation in the form of stock) were not even aware that Washington's legislature had passed a capital gains tax that would affect them.
This was not by accident. Politicians in Olympia designed the tax to initially apply to a fairly small set of people (the threshold at which it applies is $250,000). For years they had attempted to create a widespread income tax in WA by initiative, but they were repeatedly voted down by Washingtonians.
But once they found a way to open the door to this new capital gains tax (by absurdly claiming it's not an income tax, but an excise tax), they immediately set to work on making it more widespread.
Bill 5335 has been introduced to modify the capital gains tax so that the threshold at which applies will drop to $15,000 (a 94% drop, massively expanding the net of people it applies to), while increasing the rate from 7% to 8.5%.
The increase in rate would mean that Washingtonians would see a greater than 50% increase in their tax burden on capital gains (sale of stocks, bonds, cryptocurrencies and other assets such as small businesses).
When I explained these facts to the tech employees I met at Microsoft and Amazon most of them supported a repeal of the capital gains tax.
We have one chance to get Washington back to its long tradition of not punishing success and welcoming the world's best and brightest to our state.
This election, please vote Yes on initiative I-2109.
Vote yes, Pay less.
Skyrocketing costs are causing farms to shut down in droves. I was proud to be the 2023 WA Farm Bureau Legislator of the Year. Our next Governor needs to support farms, preserve locally grown food, jobs, and economic investment in rural communities. https://t.co/P510UXpiYd
I've been named one of the @WAFarmBureau Legislators of the Year! It's a tremendous honor and a testament to our shared commitment to supporting our farmers and agricultural community.
In the Senate, I advocate tirelessly for the issues that matter most to our state's agriculture. From securing funding for the voluntary riparian grant program to addressing labor availability concerns related to overtime legislation, I've worked hard to be a steadfast ally to Washington’s farmers.
This recognition from the Washington Farm Bureau fuels my determination to continue supporting our agricultural community as we face new challenges and opportunities. I am deeply committed to fostering a vibrant and resilient agriculture sector in our state.
Thank you for your continued support, which empowers me to work on behalf of the interests that matter to you and all Washingtonians. Let's build a stronger future for Washington together!
Donations to food banks have dropped significantly. The ten year decline of Washington farmers keeping land in food production isn’t good for consumers or food banks.
@Seahawks why talk about food banks at your games but not recognize the importance of the farmers that supply the food banks? #ittakesallofus. #dobetter
As the carbon auction went on last week, farmers are wrongly being charged fuel surcharges despite being "exempt" from Legislative Democrats' cap-and-tax program (SB 5126 in 2021). No farmer should be paying extra fuel fees. #waleg#UnaccountableWA
Read: https://t.co/jJGeJLCRdf
WFB took part in a work session for the House Agriculture & Natural Resources Committee. It was a great opportunity to remind everyone that agriculture impacts us all!
#waleg#agriculture Thanks @BreElsey!
Global hunger creates numerous risks for U.S. national security.
Read our new report out today about why investing in international ag development and research can help make the world a safer place.
https://t.co/wOjqU8FYij
I'm excited to announce that I will be holding a Farm Bill listening session in Puyallup on Friday, March 17th! As we start to make decisions about the Farm Bill in the next few months, I want to make sure WA farmers voices are heard. RSVP here: https://t.co/a50aCs95uw
You're invited to jump on a virtual legislative update this Thursday! Use this link to access the webinar: https://t.co/FPFCHWqDHJ.
There will be a Q&A during the event and all are encouraged to join in and hear from our WFB team. #farmbureau#agriculture#farming
In other news today, if Washington's ag employers paid 15 hours of overtime to every farmworker in the state for 52 weeks a year, our ag community would operate in a $2.6 billion deficit. Food for thought. #waleg#protectfarmworkers
https://t.co/2G0BnJ1QSY
Thank you @PGRobel for this well researched piece outlining the impacts that ag overtime has had and will continue to have on not simply farmers but on our economy. #agriculture#farmworker#agovertime
https://t.co/z1QntfHCAd
Bill Bryant in @TheInlander: “Washington had a unique opportunity to return salmon to our streams and rivers and build a model for moving forward on thorny and critical environmental issues. But Gov. Jay Inslee's opposition doomed it.” #waleg https://t.co/VczeV7QNuS
An important message to WFB members from Rep. Mark Klicker. "Don't give up!"
For the full video, check out the WFB Facebook page at: https://t.co/xfQZoDgXK4
A good article that WFB was able to be a part of. Thank you @Jenkinsreporter for getting the word out on this.
Washington farmers dragged into cap-and-trade costs https://t.co/h5VOMOngiU via @capitalpress
Can we just calm down with the 2% feeds the country? 10.5% of workers in the United States work in agriculture, that’s 21 million people.
Agriculture is more than the 60+ year old farm owner.
P.S. stop wanting to be thanked, it’s fine if people want to thank you. Don’t ask