When you go to vote this November, it won’t just be for President or Governor. You’ll also be voting on a group of initiatives - and these things are complicated. So we’re breaking all of them down here on Soundside this election season.

And this week, we’re turning to I-2109: aka, the measure that seeks to Repeal the Capital Gains Tax.

Passed by the legislature back in 2021, the tax took effect two years ago. It charges a 7% tax on the sales of some types of assets - things like stocks, bonds, and some types of businesses. The tax kicks in on profits exceeding $262,000.

Real estate, retirement accounts, and certain small businesses are exempt. Revenue from the tax goes towards education: the first $500m raised is earmarked for schools, early learning, and child care programs. The rest goes towards school construction and renovation.

This is a tax that’s only paid by an extremely small percentage of Washington taxpayers (.001%). 4,000 people paid Washington state capital gains taxes in 2022 - producing $786m dollars in revenue. Last year, that amount decreased to $433m.

Yesterday, we spoke with former Google engineer Vijay Boyapati about the case to vote “Yes” and repeal the capital gains tax. 

Today, we’re speaking with someone from the vote “NO” on I-2109 campaign.

Guest:
Treasure Mackley is executive director of Invest in WA Now, a Seattle-based organization advocating for progressive revenue measures in Washington State - including the Capital Gains tax

Relevant Links:
Ditch Washington's Capital Gains Tax? The case for Yes on I-2109 - KUOW
Washington Initiative 2109, Repeal Capital Gains Tax Initiative (2024) - Ballotpedia

When you go to vote this November, it won’t just be for President or Governor. You’ll also be voting on a group of initiatives - and these things are complicated. So we’re breaking all of them down here on Soundside this election season.
And this week, we’re turning to I-2109: aka, the measure that seeks to Repeal the Capital Gains Tax.
Passed by the legislature back in 2021, the tax took effect two years ago. It charges a 7% tax on the sales of some types of assets - things like stocks, bonds, and some types of businesses. The tax kicks in on profits exceeding $262,000.
Real estate, retirement accounts, and certain small businesses are exempt. Revenue from the tax goes towards education: the first $500m raised is earmarked for schools, early learning, and child care programs. The rest goes towards school construction and renovation.
This is a tax that’s only paid by an extremely small percentage of Washington taxpayers (.001%). 4,000 people paid Washington state capital gains taxes in 2022 - producing $786m dollars in revenue. Last year, that amount decreased to $433m.
Yesterday, <a href="https://www.kuow.org/stories/why-advocates-think-you-should-vote-to-repeal-the">we spoke</a> with former Google engineer Vijay Boyapati about the case to vote “Yes” and repeal the capital gains tax. 
Today, we’re speaking with someone from the vote “NO” on I-2109 campaign.
Guest:
<ul>
<li>Treasure Mackley is executive director of Invest in WA Now, a Seattle-based organization advocating for progressive revenue measures in Washington State - including the Capital Gains tax</li>
</ul>
Relevant Links:
<ul>
<li><a href="https://www.kuow.org/stories/why-advocates-think-you-should-vote-to-repeal-the">Ditch Washington's Capital Gains Tax? The case for Yes on I-2109 - KUOW</a></li>
<li><a href="https://ballotpedia.org/Washington_Initiative_2109,_Repeal_Capital_Gains_Tax_Initiative_(2024)#Quinn_v._Washington">Washington Initiative 2109, Repeal Capital Gains Tax Initiative (2024) - Ballotpedia</a></li>
</ul>

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