First , full disclosure, although the basic income of my wife and I is Social Security, we did some time ago buy a little stock, and last year received about $700.00 in capital gains. A nice little “extra.”
The Democratic plan toward funding the state’s public schools, from our state’s House of Representatives, proposes a 7 percent tax on capital gains, 49 bucks from my wife and I. We have grandchildren and realize that education is one of the most important legacy we can give them. We can readily contribute that amount knowing that the Allen’s, Gates’ and others would pay the same percentage of their capital gains, to support our public schools.
The Republican proposal, authored by our own Dino Rossi (45th Senate District), goes straight to the property tax we pay. We bought our home years ago, to live in. Taxes on the already inflated value, which Rossi’s plan would tax even more, impose a real hardship on us and our neighbors and threaten our ability to maintain our homes.
People might bear that in mind when they vote.