WA Capital Gains Tax Lawsuit Resources

Updated 3/31/23
Contact: info@investwanow.org

Summary: Washington State Supreme Court overturned Quinn v. WA, which was filed by millionaires attempting to give themselves a tax cut. Quinn would have eliminated 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. 

WA Supreme Court Opinion Validating Capital Gains Tax 

  • Impacts: Only 0.2% of Washingtonian taxpayers will 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

WA SUPERIOR COURT OF DOUGLAS COUNTY 

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