Wealthy Donors Attempt to Undermine Washington's Education Funding

The NO on I-2109 campaign has joined forces with other opposition groups to launch a television ad urging voters to reject a measure that would eliminate Washington State's capital gains tax. The ad highlights the attempt by wealthy hedge fund manager Brian Heywood to divert billions of dollars from childcare and education funding to provide a tax cut for the super-wealthy.

Protecting Washington's Children and Families

Exposing the Wealthy's Agenda

The "What We Know" television ad shines a light on the brazen efforts of wealthy individuals to manipulate the political system for their own financial gain. The ad focuses on Brian Heywood, a hedge fund manager who has provided the majority of the funding to get Initiative 2109 on the November 2024 ballot. This measure, if passed, would repeal the state's capital gains tax, which was enacted in 2021 to fund critical education and childcare programs.The capital gains tax, which applies to only the wealthiest 0.2% of Washingtonians, was proposed by Governor Jay Inslee more than half a decade ago as a way to generate revenue for essential public services. Despite facing legal challenges from Republicans who oppose requiring the wealthy to pay their fair share, the state Supreme Court ultimately ruled the tax constitutional.

Protecting Education and Childcare Funding

Revenue from the capital gains tax flows directly into the Education Legacy Trust, supporting a wide range of initiatives, including childcare, early learning, school construction, K-12 education, and higher education. The loss of this tax would deprive the Trust of over $2.1 billion in the next five years, according to state analysts.The NO on I-2109 campaign, along with the Defend Washington coalition, is working tirelessly to educate voters on the consequences of this measure. Their research shows that 56% of voters were already prepared to vote no on I-2109 as of July, but the campaign is taking nothing for granted.

Empowering Informed Voters

The new television ad is designed to help voters understand the true impact of Initiative 2109 and the risks it poses to Washington's children and families. By highlighting the fact that the capital gains tax exempts the sale of homes, small businesses, and retirement and college savings accounts, the ad aims to dispel the misleading claims made by the measure's proponents.The NO on I-2109 campaign is urging all Washingtonians to join them in voting against this measure on November 5th at 8 PM. By rejecting this attempt to undermine education and childcare funding, voters can protect the state's essential public services and ensure a brighter future for generations to come.