A new report warns that I-2109 could lead to the loss of over 10,000 jobs.

By Bill Kaczaraba

In the heated debate over Washington’s Initiative 2109, a new report from the Washington State Budget and Policy Center warns that repealing the capital gains tax through I-2109 could lead to the loss of over 10,000 jobs.

This initiative, set for the November ballot, challenges the capital gains tax enacted by Senate Bill 5096 in 2021, which imposes a 7% tax on certain capital assets’ gains exceeding $262,000, according to The Washington Policy.

Proponents of I-2109 argue that the tax, which does not affect real estate sales, unfairly targets the wealthy and could drive them out of state. They emphasize the need for the government to rely on stable revenue sources rather than “volatile taxes” for funding essential services, according to KREM 2 News.

Critics, however, highlight the potential consequences of I-2109, including significant cuts to dedicated funding for education and other public services, according to fanwa.org.

Read the full article in MyNorthwest