Real Change News: ‘No I-2109’ campaign launched to save capital gains tax, education funding

By Marian Mohamed | June 5, 2024

On May 22, community members including educators, child care providers, youth and education advocacy organizations introduced the No I-2109 campaign to stop the initiative from repealing Washington state’s capital gains tax.

When it went into effect in January 2022, the capital gains tax allocated $898 million to the Education Legacy Trust account, which provides funding to schools, child care centers and community and technical colleges, while also allotting those funds for future construction and renovation projects for educational institutions. The capital gains tax passed in 2021 and places a 7% tax on bonds and stocks that surpass $250,000. The tax currently applies to around 4,000 taxpayers in the state. Small businesses, retirement accounts, farms and real estate are all exempt.

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