Sen. Steve Hobbs, D-Lake Stevens, today joined three fellow Democrats in voting against a tax on capital gains.
Hobbs, Chair of the Senate Transportation Committee, issued the statement below following passage of Senate Bill 5096:
“I do not disagree that Washington’s tax structure needs work, but worse than our tax structure, and more important for jobs and our economy, is a transportation system that works.
“Our operating budget is in good fiscal shape. Our transportation revenue streams have dried up, and our state’s needs in this area are mounting. We must prioritize state spending and at the very top of the list is Washington’s infrastructure needs.
“As our infrastructure crumbles and costs rise, the longer we wait, the more expensive our failing roads, bridges, transit and environmental needs become.
“A transportation revenue package will create jobs, thousands of them, and will give Washington a competitive advantage. The people of this state only have so much appetite for taxes, and we must be targeted and deliberate in the taxes we choose to raise. We must get an appropriate return on our investment and I’m afraid a capital gains tax doesn’t meet that test.”