Is a Controversial Capital Gains Tax Headed for Repeal?

After generating close to $900 million in revenue in its first year, Washington's capital gains tax could end up on the November 2024 ballot.

wodden block showing a green checkmark on one side and a red x on another side
(Image credit: Getty Images)

Debate over capital gains taxes continues. The Washington Supreme Court upheld the state’s controversial 7% tax on the sale or exchange of long-term capital assets last year. Now, a conservative group, Let's Go Washington, is spearheading efforts to eliminate the tax.

The organization, also fighting Washington’s long-term care payroll tax, recently gained momentum by submitting over 433,000 signatures to the Secretary of State's office to repeal the capital gains tax. The signatures could eventually help the group place the disputed taxes on the November 2024 ballot, where voters could decide their fate.

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Kelley R. Taylor
Senior Tax Editor,

As the senior tax editor at, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.