OLYMPIA – The Washington state Superintendent of Public Instruction is urging for a capital gains tax to fund schools.
Chris Reykdal on Tuesday released his latest 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 in two years.
Half of that would go 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.
Reykdal’s proposal now goes to Gov. Inslee.
The Washington Legislature considered a capital gains tax in session earlier this year but it failed to come up for a vote.