Supreme Court will not rule on state capital gains tax used to fund school construction

Washington state passed a capital gains tax in 2021, a measure affirmed as constitutional by the state Supreme Court last year. 

This week, the U.S. Supreme Court refused to consider a legal challenge to the measure. 

In the program’s first year, nearly $900 million was collected from a thin, ultra-rich sliver of the populace: just 3,765 returns were subject to the tax on extraordinary profits in excess of $250,000 from stock and bond sales. 

Those hundreds of millions of dollars will fund school construction, childcare programs, and K-12 education statewide.