Sen. Mark Schoesler, R-Ritzville and a member of the Senate Ways and Means Committee, issued this statement following the Ways and Means Committee’s approval tonight of Senate Bill 5096, the Democrat-sponsored proposal requested by Gov. Jay Inslee that would create a state income tax on capital gains.
“This bill is a classic example of the majority party cramming a very bad and unnecessary bill down the throats of Washingtonians,” said Schoesler. “Voters have rejected a state income tax proposal 10 times over the past 85 years. A recent Elway Poll revealed that only 41 percent of respondents support a tax on capital gains, which is even less support than what a similar poll showed two years ago. Our state’s long-term revenue outlook is better than Democrats claim. Washington doesn’t want or need an income tax on capital gains. Yet the Democrats still insist on creating one.
“What adds insult to injury is that this bill includes an emergency clause, which means that if it’s signed into law by the governor, the very person who requested this tax in the first place, then it cannot go before the state’s voters as a referendum. It’s laughable for them to say an emergency clause is even needed when the tax created by this proposal would not be owed until 2023.
“Before the committee voted on the bill tonight, Republicans offered many common-sense amendments to try to improve what is a very bad bill. Unfortunately, all of these amendments were defeated by the Democrats. Chances are that this bill, if passed and then signed by the governor, will end up in court.”