Beginning on page 1, line 3, strike all of section 1 and insert the following:

"NEW SECTION.  Sec. 1. The legislature finds that Washington state's paramount duty under the Constitution is to amply fund public education. The legislature also finds that capital gains taxes, which this legislature has used as a crutch to fund our public schools, are among the most volatile and unpredictable sources of revenue, and heavily dependent on market performance and investor behavior.

The legislature finds that relying on a highly volatile tax to fund the state's most fundamental obligation is fiscally irresponsible and structurally unsound. The unpredictable nature of capital gains revenue has already contributed to budget shortfalls, and this instability is a key driver of the deficit Washington currently faces.

The legislature finds that public education should not be subjected to the whims of high net-worth individuals moving to Florida or other states that do not penalize proper allocation of capital. Basing school funding on a revenue stream that can fluctuate by billions of dollars year-to-year jeopardizes students, educators, and communities who depend on consistent and dependable support.

Therefore, the legislature intends to further rely on capital gains tax revenue as a funding source for public education and perpetuate further fiscal instability in attempting to fulfill the state's constitutional responsibility."