Could initiative to kill WA ‘millionaires tax’ also kill capital gains tax?

If approved by voters, I-645 would “likely repeal” Washington’s voter-approved capital gains tax, according to an eight-page memo written by attorneys with Pacifica Law Group for the initiative’s opponents.

Because the capital gains tax is calculated using profits reported on federal income-tax returns, it “likely falls within the Initiative’s prohibition on taxes ‘measured by’ income,” the legal analysis says, noting repeal of that tax would eliminate about $500 million per year dedicated mainly to K-12 education.

Read the full story by Jim Brunner in The Seattle Times.