Washington Repeal Capital Gains Tax Measure (2022)
| Washington Repeal Capital Gains Tax Measure | |
|---|---|
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| Election date November 8, 2022 | |
| Topic Taxes | |
| Status Not on the ballot | |
| Type State statute | Origin Citizens |
The Washington Repeal Capital Gains Tax Measure was not on the ballot in Washington as an Initiative to the People, a type of initiated state statute, on November 8, 2022.
This initiative would have repealed a 7% capital gains tax that was set to begin being collected in 2023. Other proponents have filed multiple versions of similar initiatives.[1]
Text of measure
Ballot title
The ballot title for the initiative is below:
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Initiative Measure No. 1929 concerns taxes. This measure would repeal a 7% tax on annual capital gains above $250,000 by individuals from the sale of stocks and certain other capital assets (exempting, for example, real estate and retirement accounts). Should this measure be enacted into law? [2] |
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Ballot summary
The ballot summary for the initiative is below:
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This measure would repeal a tax imposed on the sale or exchange of certain long-term capital assets by individuals who have annual capital gains of over $250,000. The tax applies to the sale or exchange of stocks, bonds, and certain other long-term capital assets, but exempts, for example, real estate, retirement accounts, and certain other assets. This repeal would operate retroactively to January 1, 2022, as well as prospectively. [2] |
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Full text
The full text of the initiative can be found here.
Path to the ballot
The state process
In Washington, the number of signatures required to qualify a directly initiated state statute—called an Initiative to the People in Washington—for the ballot is equal to 8 percent of the votes cast for the office of governor at the last regular gubernatorial election. Initial filings for direct initiatives cannot be made more than 10 months before the general election at which their proposal would be presented to voters. Signatures must be submitted at least four months prior to the general election.
The requirements to get an Initiative to the People certified for the 2022 ballot:
- Signatures: 324,516 valid signatures
- Deadline: July 8, 2022
The secretary of state verifies the signatures using a random sample method. If the sample indicates that the measure has sufficient signatures, the measure is certified for the ballot. However, if the sample indicates that the measure has insufficient signatures, every signature is checked. Under Washington law, a random sample result may not invalidate a petition.
Details about this initiative
- J. Vander Stoep filed the initiative.[1]
- In June 2022, the campaign announced it was suspending its effort to qualify the initiative for the ballot.[3]
See also
External links
Footnotes
- ↑ 1.0 1.1 Washington Secretary of State, "Proposed 2022 Initiatives to the People," accessed January 21, 2022
- ↑ 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ Northwest Progressive Institute, "Mark Funk admits that initiative to overturn capital gains tax on the wealthy is kaput," accessed June 30, 2022
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State of Washington Olympia (capital) |
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