Polling data released this week indicates that a newly-enacted bill which changes how ballot initiatives are presented to voters could stand in the way of efforts to overturn Washington’s capital gains tax.
Polling data released this week indicates that a newly-enacted bill which changes how ballot initiatives are presented to voters could curtail efforts to overturn Washington’s capital gains tax.That effort is taking the form of I-1929, which would repeal a 7% tax on the sale or exchange of capital assets above $250,000 approved in 2021. The initiative has already garnered over $211,000 in contributions from wealthy donors, with hundreds of thousands of dollars more in pledged donations.
The bill, SHB 1876, makes it so that any ballot initiative that would impact taxes, fees, or “cause a net change in state revenue” must include an “impact statement” written by Attorney General Bob Ferguson that lays out the direct financial impact of the measure, explaining how it would increase or decrease funding for specific services.
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