capital gains tax

Democratic leaders in Washington’s legislature say a wealth tax is unlikely to make it into a final budget deal.

The local capital gains tax proposal targets investment income of 2% on gains over $262,000, but skeptics say the tax would drive wealthy people out of the city.

Cathy Moore proposed the 2% tax to protect housing and food assistance programs, based on the statewide model 63% of voters opted to keep this election.

The tax on investment sales earnings affects only .2% of residents, but proponents of I-2109 say it is the first step toward state income tax.

All four of this year's ballot initiatives are designed to repeal laws that were enacted by the Legislature or bar laws that were passed from taking effect. This is a change from some past years.

Lawmakers approved the capital gains tax, which took effect after the state Supreme Court upheld it in a ruling last year. But an initiative on this year's ballot could repeal it.

A conservative-backed effort to repeal the state's carbon pricing program will put $2.1 billion at stake with just days left in this year’s Legislative session.

Here's a quick-start guide about the unprecedented slate of Washington initiatives aiming to repeal a major climate policy, kill a tax on some of the state's richest residents, and more.

The U.S. Supreme Court has decided not to hear a legal challenge to Washington's capital gains tax, but critics of the tax remain optimistic about a proposed policy initiative that could land on voters' ballots in November.

Washington lawmakers broadly agree on several issues they'll prioritize, but plenty of questions remain on how they'll address them – and what a handful of proposed ballot initiatives could mean for the state budget.