“Hey, hey! What we knew would happen: Make the wealthiest pay their fair share and it finances investments in education, transportation, and more,” said Rep. Pramila Jayapal.
By Brett Wilkins, Common Dreams
Proponents of progressive taxation on Friday pointed to data showing Washington state stands poised to reap $849 million in revenue during the first year of its capital gains tax as proof that taxing the rich works—and could serve as a template for federal legislation.

The Seattle Timesreports that when Washington state lawmakers passed this fiscal year’s budget, they anticipated collecting $248 million in revenue from the 7% tax on the sale or exchange of stocks, bonds, and certain other assets above $250,000.
However, the legislators were pleasantly surprised when figures showed the state has collected over $600 million more than that.
While the amount collected could change after around 2,500 taxpayers who applied for extensions file their returns, progressives welcomed the windfall that will fund public schools, early childhood education, and building and repairing schools across the state.
“Hey, hey! What we knew would happen: Make the wealthiest pay their fair share and it finances investments in education, transportation, and more,” tweeted Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.).
Turns out taxing the rich is a really good idea and can help fund our public schools https://t.co/HX2dPp63UX
— Robert Cruickshank (@cruickshank) May 26, 2023
Jayapal touted federal legislation she introduced with Sen. Elizabeth Warren (D-Mass.) in 2021—the Ultra-Millionaire Tax Act—that would levy a 2% annual tax on the net worth of households and trusts above $50 million, plus a 1% annual surtax on billionaires.
An analysis by University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman found that the legislation would bring in at least $3 trillion in revenue over 10 years without raising taxes on 99.95% of American households worth less than $50 million.
Last month, Warren, Sen. Bernie Sanders (I-Vt.), and Rep. Jimmy Gomez (D-Calif.) introduced the For the 99.5% Act, which would impose a 45% tax on estates worth between $3.5 million and $10 million, a 50% tax on estates worth between $10 million and $50 million, a 55% tax on estates worth between $50 million and $1 billion, and a 65% tax on estates valued at over $1 billion.
Meanwhile, congressional Republicans are trying to repeal the estate tax entirely—and pass other tax policies to serve the rich.
Back at the state level, California, New York, Illinois, Maryland, Connecticut, and Hawaii have also introduced wealth tax bills this year, while Washington’s law was upheld by that state’s Supreme Court in March.
“If the federal government won’t act,” California Assemblymember Alex Lee (D-24) said while introducing a wealth tax bill in January, “we the states will.”
Recent Posts
The Arrest Of Mahmoud Khalil, A Zero Hour Conversation With Sonali Kolhatkar
March 13, 2025
Take Action Now Eskow and Kolhatkar argue that if this repression is not challenged, it will escalate, targeting more individuals and further eroding…
Five Years After COVID, The GOP Is The Anti-Vaccine Party
March 12, 2025
Take Action Now Despite the ongoing spread of COVID, measles and bird flu, Trump has handed power to anti-vaxxers and vaccine skeptics.By Sasha…
Mahmoud Khalil’s Wife Speaks Out On His Unconstitutional Arrest
March 12, 2025
Take Action Now The following is a press statement from Mahmoud Khalil’s wife. Khalil was unconstitutionally arrested by ICE agents over the…
Donald Trump Is Building A Deportation Machine
March 11, 2025
Take Action Now The Trump administration is honing a well-oiled deportation machine that it hopes will move millions out of the country.By Michael…