‘Supermajority’ fail: Wall Street loopholes prevail over movement toward smaller class sizes
OLYMPIA – One right thing was there for the doing. And yet, axiomatic though it might be that the youngest students need the closest attention, a $100 million chance to do exactly that one right thing was left in the dust last night in the state House of Representatives, notes one southwestern Washington lawmaker.
State Rep. Jim Moeller joined a majority of legislators in voting for House Bill 2078. But although the tally was 52-42 in favor of the bill, it needed a supermajority two-thirds approval, thanks to the standards set down in Initiative 1053.
The legislation sought to close a tax loophole on which Wall Street banks are currently feasting, and then send that new money to pay for more teachers in the state’s K-3 classrooms. Moeller said the legislation was directed at “only the very largest banks, the ones that have branches in 10 or more states. Washington’s local and community banks wouldn’t be affected.”
Washington stands alone, the sole state in the country that hands out this tax break to corporate banks that aren’t even headquartered here.
And speaking of unfortunate state standings, Moeller noted that the Evergreen State’s schools “are already enduring the 48th largest class sizes in the country.
“It’s so frustrating to lose this opportunity to close the loophole. Closing it would generate $100 million in revenue in the years 2011-2013. That money could then go toward hiring more K-3 teachers, who would provide much-needed one-on-one instruction in our youngest children’s classrooms.”
The Legislature is creeping up to the midnight May 25 (yes, that would be tonight) deadline to get the work of the special session wrapped up and tied down.