close
close

Semainede4jours

Real-time news, timeless knowledge

Given a choice, voters embraced tax fairness • Nevada Current
bigrus

Given a choice, voters embraced tax fairness • Nevada Current

If you’ve ever questioned whether there is an inequality problem in our country, this election will provide all the evidence you need. While billionaires used their financial firepower to drum up support for their preferred candidates, Americans left behind took out their frustrations at the ballot box.

How do we begin the next chapter in the fight to reverse extreme inequality?

While Senate Republicans still lack a filibuster-proof supermajority, the expiration of Trump’s tax cuts for the wealthy next year could present an opportunity. But progress will likely need to start at the city and state level.

Three progressive tax victories in the last election are an encouraging sign.

Washington State Initiative 2109 was the most significant tax-related ballot measure of the year. Hedge fund manager Brian Heywood financed the campaign, hoping to repeal the state’s innovative capital gains tax on high earners. Buyback offer was summarily rejected landslide.

“This victory shows that advocacy to create a fairer tax code is working,” Melinda Young-Flynn, Communications Director for the Washington State Budget and Policy Center, told me.

“Business owners, labor unions, teachers, racial justice advocates, parents, legislators and many other groups,” he added, “have been together for more than a decade to help the public make the connection between common-sense progressive taxes and those very rates.” They worked.” the real needs of our societies.”

Washington State, introduced in 2022 groundbreaking policy Imposes a 7 percent excise tax on capital gains from the sale of stocks, bonds, and other assets exceeding $250,000 annually (except real estate sales). Who earns this much from their financial investments? Less than 1 percent of the state’s wealthiest residents.

Before this tax, Washington’s wealthy thrived under a state constitution that banned income taxes. A capital gains tax puts an end to that ban, and the state supreme court has ruled it constitutional.

The capital gains tax raised $1.3 billion in its first two years for investments in child care and early learning, public schools and school construction.

“The people of Washington sent a clear message,” Young-Flynn says. “Children’s welfare takes priority over tax cuts for the ultra-rich. “All of us who care about economic justice know that it is long past time to stop giving the ultra-rich a special deal in the tax code at the expense of everyone else.”

Washington voters also rejected an effort to allow workers to be exempt from a new payroll tax for long-term care insurance if they waive the benefits of the state-run program. If this measure had been adopted, it would likely have made the insurance program financially unsustainable. Fortunately, voters unanimously rejected the proposal 55-45 difference.

And by a decisive marginIllinois voters expressed support for a 3 percent extra tax on income over $1 million and for the revenue to go towards property tax relief. Although the measure is not binding, organizers hope the victory will fuel efforts to put a constitutional amendment on the ballot in 2026 to authorize a new tax on the wealthy.

In addition to these fair tax victories, I am encouraged by the passage of pro-worker reforms in many “red” states; This often contrasts sharply with the positions of Republican representatives in the US Congress.

Voters in Nebraska, Missouri and Alaska approved guaranteed paid leave, while Missouri and Alaska also approved state minimum wage increases. Measures regarding abortion rights passed 7 out of 10 statesWhile Nebraska voters support medical marijuana.

After the election, a friend texted me: “The tree outside my window is almost bare. Perhaps this morning is a glimpse of our national life. “We have a choice: focus on the bare branches or enjoy the colorful leaves.”

These victories of the state against inequality are some of the colorful leaves that I appreciate today.

This column was originally published at: OtherWords.org.