A Department of Revenue analysis of Initiative 2109 found that its passage would result in the loss of more than $5.6 billion in funding for early learning, childcare and K-12 education programs across Washington by 2029.

Senate Majority Leader Andy Billig issued the statement below in response:

“That figure is even worse than we thought. The initiative would reduce K-12 funding and devastate early learning and childcare programs relied on by families across Washington.

“For many parents, these programs are essential in order for them to have a family and a career. For businesses, these programs are essential to meet their workforce needs. For kids, early learning is the best way to get a productive and healthy start to their education and their life.

“The capital gains tax is paid by only about 3,300 of the richest households in our state, but all 8 million Washingtonians feel its benefits every day.”

Click here for more information on the capital gains tax and a breakdown from the Dept. of Revenue of who pays it by county and legislative district.