WA Capital Gains Tax Lawsuit Resources

Updated 10/26/22
Contact: info@investwanow.org

Summary: Quinn v. WA was filed by millionaires who are attempting to give themselves a tax cut. Quinn would eliminate more than $500 million per year in education funding raised from a 7% capital gains tax on extraordinary profits from stock sales exceeding $250,000 annually. 

  • Impacts: Only 00.1% of Washington taxpayers see enough profits to pay this tax. Impacts by county.
  • Exemptions: All sales of real estate, retirement accounts like IRAs, family-owned small businesses, and farms, among other things.
  • Education Funding: The capital gains tax increases funding for the Education Legacy Trust Account, which supports child care, pre-schools, special education, and community and technical colleges, among other things.  It also funds the Common School Construction Account, which helps with renovating, repairing, and building schools. 
  • Fact sheet

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WA SUPREME COURT

Summary:  The State of WA and education intervenors are appealing the lower court’s decision, which would take away over $500 million/year from education and give the super rich a tax cut. The WA State Supreme Court granted direct review. Oral arguments are scheduled for January 26, 2023.

WA SUPERIOR COURT OF DOUGLAS COUNTY 

Summary: A trial court in Douglas County ruled in favor of the millionaires behind Quinn v. WA.