More big money for the capital gains tax repeal

Six-figure checks, pledges flow to initiative campaign

The people with skin in the game are starting to play in the ballot initiative campaign to repeal Washington’s new capital gains tax.

The latest filing to the Public Disclosure Commission from Repeal the Capital Gains Income Tax, the committee behind Initiative 1929, shows it took in $211,500 in cash during March, along with $420,000 in pledged donations that have not yet been paid.

Nearly half the cash came from a single donor, while the pledges are nearly all five- and six-digit commitments, some from familiar players in conservative politics, but some from quarters we don’t hear from that often. These folks are likely in for some rough Robin Hood messaging from the opposition to the repeal, which is running a decline to-sign campaign targeting the first wave of donors:

Here’s why you should care about this: There’s no limit on contributions to ballot initiative campaigns, which means that small numbers of very rich people, deep-pocketed organizations, and big corporations can put something they don’t care for on the ballot and persuade voters to repeal it.