WASHINGTON – Election day is a little more than a week away, and for voters across Washington, the outcome of four statewide ballot measures will be closely watched.
On November 5th, Washingtonians will cast their opinion on Initiative 2109, which seeks to repeal a 7% capital gains tax on sales of stocks, bonds, and other investments on gains over $250,000. Supporters of I-2109 however say the tax is misleading and is instead a “backdoor way” for the Washington Legislature to impose an income tax, which is prohibited by the state constitution.
“Within one year of creating this tax, they introduced legislation to dramatically lower the threshold from $250,000 down to $15,000. So this will really affect a lot of people,” said Vijay Boyapati, a software engineer and advocate of I-2109. “This of all the initiatives is the most important. This one will have the biggest impact on our economy…