Washington state, once an importer of talent and brainpower, because it has no state income tax, jeopardized its future in 2021 by adopting a 7 percent long-term capital gains tax on any assets over $262,000.
State legislators claimed the tax was really an excise tax, thus getting around the state constitution’s ban on an income tax. Sadly, the state’s progressive Supreme Court rubber-stamped their fairy tale reading of the law.
But the voters will have their say this November, and we happily report that a new poll taken for the Seattle Times finds that by 2-to-1, Washington voters support a measure to repeal the state’s new tax.
The Seattle Times poll shows voters also backing ballot initiatives to repeal Washington’s carbon tax credit system and allow people to opt out of the payroll tax that funds the state’s long-term care insurance program.
A tax revolt in of-all-places, liberal Seattle, is a big deal.