RPEC Weekly ACTION Newsletter – 3-5-2021
IN THIS ISSUE
- Action Item: Contact Senators to Support SB 5096
- Bill Status Update
- Weekly Legislative Update Zoom Call
ACTION ITEM: CONTACT SENATORS TO SUPPORT SB 5096
Action Item: Contact your Senator and ask them to support SB 5096, which would address the upside-down tax code by taxing high-end capital gains. They may be addressing this bill tomorrow, Saturday, March 6th, so please contact your legislator as soon as possible!
The state legislature switchboard is 1-800-562-6000. You can also locate their email address here: https://app.leg.wa.gov/memberemail/
This bill has passed out of the Senate Ways & Means committee and is awaiting a possible floor vote. We are hopeful that Senate will keep the forward momentum on this bill and hearing from retiree constituents will help those efforts.
The Washington State Budget and Policy Center has released a great fact sheet that outlines the benefits of SB 5096 and debunks claims of the bill’s opponents. https://budgetandpolicy.org/wp-content/uploads/2021/02/SB5096_Factsheet.pdf
Their analysis concludes that the capital gains tax will impact an even smaller percentage of Washington households than previously thought:
“Because financial assets are so heavily concentrated among the very wealthiest households in our state, SB 5096 would be paid only by those who can afford to pay more for investments in schools and other priorities that benefit us all. As a result, fully 99.8% of the capital gains excise tax would be paid by the richest 1% of Washingtonians, those earning a minimum of $660,000 per year, according to analysis from the Institute on Taxation and Economic Policy. No households earning less than $297,000 per year would pay any additional taxes under SB 5096”
BILL STATUS UPDATE
Great News! SB 5203, which would increase the access and affordability of generic prescription medications has passed the Senate. We appreciate everyone who contacted their Legislators about this important bill.
The full list of bills that we are tracking and their current status can be found here: https://rpecwa.org/bill-summary-3-5-2021/
WEEKLY LEGISLATIVE UPDATE
Each week we will host a Zoom call to provide an update on the status of RPEC’s Legislative Priorities and answer questions from members. The calls will take place at 1pm each Friday through the end of the Legislative Session. The Zoom login information will be the same each week.
To join the weekly update calls:
Via Computer or tablet:
Or, go to: https://zoom.us/join
Meeting ID: 828 6634 6713
Via Phone: Dial: (253) 215-8782
Meeting ID: 828 6634 6713