Tax capital gains

I have lived in Washington state since 1975. I’ve felt proud that we’ve been leaders in education, health care and quality of life.

That’s why I’m pleased that House Democrats propose fixing our upside down tax code. Powerful special interests have manipulated the tax code by inserting tax breaks for themselves. That money could be used to create thriving communities with excellent schools, good infrastructure, and quality health care.

One easy way to clean up the tax code is to end the tax break on capital gains. The House Democrats suggest a 7 percent tax above $25,000 for single filers and $50,000 for joint filers, so we can join our neighboring states of Idaho (7.4 percent), Oregon (9.9 percent) and California (13.3 percent) that already tax capital gains.

Why should we be one of only nine states that does not have a tax on sales of corporate stocks, bonds, investment property and other high end financial assets? This would affect about 1.5 percent of Washingtonian tax filers. Excluded are retirement accounts and the sale of agricultural lands, timber and single-family homes. This is a sound proposal and deserves our support.

Lannie MacAndrea

Spokane