taxes on investments Latest Controversial Capital Gains Tax Upheld in Washington Capital Gains The state’s historic long term capital gains tax is projected to bring in $1 billion over the next two years. Capital Gains Wash Sales, Capital Gains, State Taxes: Tax Traps Investors Need to Avoid Investors also need to beware of rules about taxes on mutual fund dividends, mutual fund investments and net investment income. By Joy Taylor Last updated 6 October 22 1 2