OLYMPIA, Wash. — The United States Supreme Court on Tuesday declined to hear an appeal to overturn Washington's capital gains tax.
The Supreme Court's decision preserved roughly $900 million a year from the state's childcare and education sector, which is significantly more than what was projected to be collected from the tax, according to the nonprofit Invest in Washington Now, which describes itself as "fighting for a more fair tax code in Washington state."
In 2021, the Washington state Legislature passed the capital gains tax, which is aimed at ensuring the "super-rich" pay what they owe in taxes so families and communities statewide can have the resources needed for financial well-being.
