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