These boxes contain signed petitions for Initiative 2109, a measure to repeal Washington state’s capital gains tax. It will be on ballots in November 2024. (Jerry Cornfield/Washington State Standard)
A pair of new reports outline financial consequences if voters approve ballot measures this fall repealing Washington’s capital gains tax and scrapping its cap-and-trade program.
Passing the initiatives will dry up significant streams of revenue the state government is counting on for programs ranging from child care and early learning to electric vehicles and clean energy research.
But the amounts at risk with Initiative 2109 dealing with the capital gains tax, and Initiative 2117 concerning the Climate Commitment Act, differ from forecasts presented to lawmakers in February.
And, in the case of the capital gains tax, it’s billions of dollars less.
That’s according to analyses for each measure prepared by the Office of Financial Management, which is required by state law to write statements of fiscal impacts for initiatives. The statements are posted online and will appear in the voter’s guide for the Nov. 5 election.