Washington's capital gains tax survives repeal effort

An initiative to repeal Washington’s capital gains tax, which levies a 7% tax on the sale or exchange of long-term assets like stocks, bonds and business interests, was defeated Tuesday.

Voters were opposing Initiative 2109 by 63.2% to 36.8%. Vote counting will continue in the days ahead.

The Associated Press called the outcome Tuesday night.

The tax, which was approved in 2021, took effect after the state Supreme Court upheld it last year. The first payments were due in April 2023. The tax is only on gains over $262,000 — adjusted for inflation — and does not apply to real estate sales.

https://washingtonstatestandard.com/2024/11/05/washingtons-capital-gains-tax-on-track-so-far-to-survive-repeal-effort/