The State has needed a sustainable, progressive new revenue source for some time to both increase revenue available for underfunded programs and to help balance the tax code. Without changing to a more progressive tax, such as SB 5096, any increased tax would result in exacerbating what is already the nation's most regressive tax structure.
SB 5096, the capital gains tax, would generate over $1 billion annually beginning in 2023 from only those with the top 1-2% of incomes. This money would be used to fund basic education, early learning and child care, if adopted as proposed by the House Finance Committee.
Although some say the state will receive many millions of dollars in federal rescue funds, that is not sustainable revenue nor is it intended for the basic education, early learning and child care programs that are so badly needed.
Your help is needed to encourage as many legislators as possible to vote for this bill.