WA Supreme Court Accepts Direct Review of Capital Gains Lawsuit; $500 Million/Year for Students On The Line

July 2022

Olympia, WA: This morning the WA State Supreme Court granted direct review of Quinn v. Washington, the lawsuit brought by millionaires to exempt themselves from a popular tax on huge stock market windfalls. 

“Most people want super rich Washingtonians to pay what they owe our communities for schools, childcare, and much more. Millions of students, whether in pre-school, high school, or technical college, are depending on the $500 million/year from this tax on the super-rich. We are pleased the WA State Supreme Court will provide a timely review of the trial court’s decision.” 

–Treasure Mackley, Executive Director of Invest in WA Now.

Earlier this year a trial court in Douglas County ruled in favor of the millionaires behind Quinn, which is attempting to eliminate $500 million per year in education funding raised from a 7% capital gains tax on extraordinary profits from stock sales exceeding $250,000. These monies fund school repair and construction and the Education Legacy Trust Account, which funds child care, pre-schools, special education, and community and technical colleges, among other things.

About Invest in Washington Now

Invest In Washington Now is a network of over 120,00 Washingtonians from across the state united for a just and equitable tax code. We led efforts to pass the state’s capital gains tax on extraordinary profits and defended it at the ballot last year by defeating Initiative 2109 with over 64% of the vote.

Learn more at investinwanow.org

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