House Republican budget lead Chris Corry shares facts and falsehoods of capital gains tax repeal

Rep. Chris Corry is setting the record straight about what a repeal of Washington’s capital gains tax will and will not do to the state budget.

“This tax is less than two years old and it has already led companies and individuals to leave Washington,” said Corry, R-Yakima. “Jeff Bezos, our state’s chief economic contributor, has already announced he is moving to Florida taking millions in tax revenue out of the state. “

And while capital gains backers claimed it would only impact the wealthy, Corry says that won’t last.

“Democratic lawmakers in Olympia have already proposed lowering the threshold that triggers the tax to $15,000, which would impact thousands of working, middle class families,” said Corry.

But Corry says there is hope due to the hundreds of thousands of people across our state who have joined together to roll back the extreme taxation coming from Olympia through their initiative power. 

“Unfortunately, initiative opponents are resorting to scare tactics, claiming that a vote to repeal the capital gains tax is a vote to roll back critical investments in our schools,” Corry explained. “But that is simply not true.”

House Republicans have a budget plan that would repeal the capital gains tax while continuing to fully fund every single program funded by the tax.  Our budget plan would:

  • Continue to fund all current programs and services, including updating for increased caseloads and inflation;
  • Fully fund every K-12 program currently funded by the capital gains tax; and
  • Would still leave $3.6 billion for new programs in 2023-25.

Corry says it comes down to priorities.

“The fact is, Olympia politicians have a spending problem, not a revenue one,” said Corry. “State spending has doubled in the past decade.  And every year, budget writers start with billions in surplus revenue that they squander on special interests and government bureaucracy.   You don’t have to choose between job creation and funding our public schools.  The taxes you pay to the state are already more than enough to do both. It’s time to repeal job killing taxes. It’s time to Fix Washington.”

Get the facts about the impact of the capital gains tax here.

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Washington State House Republican Communications
houserepublicans.wa.gov