I-2109 would repeal the tax on capital-gains income approved by the Legislature’s majority Democrats in 2021

Sen. Lynda Wilson, R-Vancouver and budget leader for the state Senate’s Republican caucus, made this statement Tuesday (Jan. 23) after Initiative 2109 was certified by the secretary of state.

I-2109 would repeal the tax on capital-gains income approved by the Legislature’s majority Democrats in 2021; unless enacted by lawmakers during their 2024 session, it will go on the November general election ballot.

“Let’s remember how the public was literally barred from the Capitol by a metal fence when the capital-gains tax was put in place during the lockdown session of 2021. Republicans couldn’t stop the tax, and the Democrats said no when we tried to get it in front of the people through a referendum.

“If our colleagues in the majority follow the state constitution, which puts a very high priority on legislative consideration of initiatives, they will at least allow a committee hearing on this measure. Then the people would have an opportunity to be heard that was denied to them three years ago. But let’s be real – I-2109 is now on a path to the ballot, and we have seen time and time again over the past 90 years how the voters of Washington feel about income taxes.

“Having been immersed in the state budget since before the capital-gains tax was adopted, I can also say it doesn’t pay for anything that can’t be funded with other revenue. Government can get along just fine without it, and let the people keep more of their own money.”

Sponsors of I-2109 had turned in more than 446,000 signatures.