The group behind an initiative seeking to overturn Washington’s capital gains tax filed a challenge this week over how it would appear on the ballot.
New ballot initiative takes aim at Washington capital gains tax
Registered as I-1929, the ballot initiative would repeal SB 5096, which created a 7% tax on the sale or exchange of capital assets above $250,000. While the bill defines the levy as an excise tax, a Douglas County Superior Court judge ruled in early March that it qualified as a graduated income tax, which would violate Washington’s state constitution.
During the last legislative session, lawmakers approved a new measure that made Attorney General Ferguson
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