INITIATIVE 920 HURTS OUR STATE'S CHILDREN
DO YOU KNOW WHAT INITIATIVE 920 WOULD DO?
Did you know that Initiative 920 wipes out millions of dollars in funding for our state's public schools?
Did you know that the campaign to put Initiative 920 on the ballot was financed by just one man - Seattle developer and millionaire Martin Selig?
Did you know that odds are the estate tax, which Initiative 920 would repeal, doesn't affect you? Only about 210 of the state's wealthiest estates are subject to the tax every year.
You have to have an estate worth more than $2 million before you qualify for the estate tax. Otherwise, you don't pay. Unless you're super rich, you will not get a single penny back from the government with Initiative 920. Initiative 920 was written and is backed by arrogant, wealthy people.
More about the estate tax
Washington State's estate tax has been in existence since 1901. It's not a new tax or a tax increase. It used to be tied to the federal estate tax, but now it is seperate.
- Family farms are completely exempt, if at least 50% of the value is actually being used for farming. The estate tax does not force small businesses and family farms to liquidate their assets or go into bankruptcy, despite what anti-tax zealots would like you to think.
- Timberlands are also exempt from the tax.
- The revenue generated will come from only about 210 estates a year - and it's money that has not been taxed before. While most other states without the estate tax have an income tax or a capital gains tax, Washington does not.
Why an estate tax?
- The Estate Tax is the fairest way to raise revenue, from those most able to pay. The estate tax is the most progressive way available to raise revenue our state desperately needs to meet its commitments. Any other way we raise revenue will place a higher burden on lower and middle income families.
- The estate tax is one way wealthy people pay back to society after they die for the benefits of the economic, judicial, educational, and transportation systems that helped make them rich. Paying the estate tax enables our society to invest in the next generation, who will build our future economy.
- Permanent repeal of the federal estate tax (not the state estate tax) would cost the charitable sector more than $13-25 billion each year, according to the Congressional Budget Office. The estate tax encourages wealthy individuals to contribute to charities because the donations are exempt from the estate tax.
For more, please read Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes.
What gets cut?
Initiative 920 guts the Education Legacy Trust, which helps fund:
- Initiative 728, a voter-approved initiative aimed at helping reduce class size so children in K-12 have an easier time learning
- Learning Assistance Program, helping underprivileged kids with additional educational programs.
- An additional 7,900 higher education enrollment slots (roughly equal to the amount of undergraduate enrollments at Eastern Washington University).
- State Needs Grant, financial aid for middle class students. The Legacy Trust increased the State Needs Grant to 65% of the state median income from 55%, allowing additional financial aid assistance for over 10,000 students in Washington State.
What is the ballot title?
Both are reprinted below:
Ballot Title
Initiative Measure No. 920 concerns [the] estate tax.
This measure would repeal Washington’s state laws imposing tax, currently dedicated for the education legacy trust fund, on transfers of estates of persons dying on or after the effective date of this measure. Should this measure be enacted into law?
Yes [ ] No [ ]
Ballot Measure Summary
Washington law currently imposes a graduated tax on the transfer of certain Washington estates having a taxable value of more than 2 million dollars. Certain property, described in statute, is excluded from the taxable value. The revenues from this tax are deposited in the education legacy trust fund. This measure would repeal this estate tax. The repeal would apply to the taxable estates of persons dying on or after the effective date of the measure.
*Ballot Title Revised by Court Order
Who's behind this campaign?
Seattle developer Martin Selig is responsible for the bulk of the financial contributions that allowed Initiative 920's sponsors to hire enough signature gatherers to buy their way onto the ballot. For a complete list of all contributors that have donated at least $500, follow this link.
Who is the sponsor?
The sponsor is Dennis Falk of Fox Island, a former Seattle police officer and a longtime leader of in the extremist, conservative John Birch Society. He is also the campaign manager. It's worth noting that in the 1970s Falk ran an unsuccessful Seattle initiative to repeal a city law barring housing and employment discrimination based on sexual orientation. During that campaign he shot to death a mentally retarded man who had a criminal record. Falk is taking a salary, helping himself to about $1,000 from campaign funds each month.
Paid for by Permanent Defense PAC
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© 2006 Washington Defense.
A Permanent Defense project.
Support our children's future - VOTE NO on I-920
Fighting to improve Washington State's quality of life.
NO ON I-920
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SAY NO TO MORE TAX BREAKS FOR THE WEALTHY...SAY NO TO HURTING PUBLIC SCHOOLS...SAY NO TO INITIATIVE 920.
CAMPAIGN NEWS CENTER
"You have a choice: Do you want an educated work force, do you want smaller class sizes ... or not? That's really what the issue is."
- Governor Christine Gregoire
