Anti-Capital Gains Initiative Effort Now in Need of Signatures

A statewide ballot initiative to repeal Washington's capital gains tax could be a reality if opponents can collect enough signatures.

The Everett Herald is reporting that Thurston County Superior Court Judge Indu Thomas approved Initiative 1929's wording last week, meaning anti-tax organizers must now turn in 324,516 valid signatures by July 8th for the measure to appear on the November 8th ballot.

A 2021 law passed by the state legislature the created a capital gains tax is also under attack in the courts, with Douglas County Superior Court Judge Brian Huber ruling in March that the law is an unconstitutional tax on income.

Supporters of the tax, which is meant to fund early learning, child care programs and school construction, say repealing the law would allow the ultra-wealthy to tip the scales even more in their favor.