State superintendent calls for capital gains tax for schools

October 10, 2018

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.

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