Nov. Ballot. Wealth Tax in Washington State

What is happening? Washington State voters rejected a proposal that would have created a 7% capital gains tax on more than $250,000.

Why is this important? The carafe outs created in the legislation, Senate Bill 5096, would exempt assets like sales of retirement accounts, real estate, livestock, some agricultural property and timber, sales of sole-proprietor businesses that have a gross revenue up to $6 million, and  some auto dealerships.

How will this be important? Was this a timing issue or a substantive issue?

Seattle Times | Washington voters rejecting new 7% tax on capital gains in nonbinding advisory measure