State superintendent calls for capital gains tax for schools
OLYMPIA, Wash. (AP) — The Washington state superintendent is urging for a capital gains tax to fund schools.
State Superintendent of Public Instruction Chris Reykdal on Tuesday released his 2019-21 budget request that suggested taxing earnings from the sale of stocks, bonds and other assets to create a $2 billion pot of money for education over the two years.
Half of that would toward offsetting the statewide property tax that funds K-12 schools. Reykdal said the average Seattle-area homeowner would save $1,500 off their tax bill.
The rest of the money would fund other education priorities, including special education, longer school day, school nurses and counselors and mental health, dual-language programs and school safety.
Reykdal's proposal now goes to Gov. Jay Inslee.
The Washington Legislature considered a capital gains tax in session earlier this year but it failed to come up for a vote.