Capital Gains Tax Town Hall

Seattle City Councilmember Andrew J. Lewis hosted a panel of subject matter experts, including former Secretary of Labor Robert Reich, to discuss the capital gains tax legislation he recently introduced. The proceeds of the tax would be used to build affordable and permanent supportive housing and fund additional homeless services. 

Panelists included:

  • Andrew J. Lewis, Councilmember - District 7
  • Robert Reich, Former U.S. Labor Secretary 
  • Colleen Echohawk, Chief Seattle Club
  • Joe Nguyen, Senator, Washington's 37th Legislative District
  • Sara Rankin, Director of Homeless Rights Advocacy Project at Seattle University

The virtual town hall was Tuesday, June 30 from 2-3pm. You can watch a video of the event here:

lack of housing for the chronically homeless

The capital gains tax will not apply to retirement accounts, home or commercial real estate sales, or investments that lose money. Only a small percentage of Seattlites would pay the tax.  According to Brookings, Sixty-nine percent of all capital gains go to the top 1 percent of richest Americans.

91% of all capital gains go to the richest americans

Lewis has introduced the legislation, recognizing it's one way for the City of Seattle to raise revenue without further adding to a regressive tax system.

WA State has the most regressive tax system in the country

Most states have capital gains taxes. Washington State does not.