Five-second answer

Claim we investigated

The 10 largest payments supplied 51% of Washington's first year of capital gains tax revenue, and collections swung from $782 million to $395 million to $1.5 billion.

True. In 2022 the 10 largest payments were $394.3 million of $780.4 million; collections then halved before reaching $1.5 billion. The Department of Revenue's decile table and its tax-year collection totals, cross-checked against the 2021 fiscal note, the Washington Research Council's tally and contemporary reporting of state officials, show both the concentration (51% from 10 payments in 2022) and the swings ($782.0M, $394.7M, $583.8M, about $1.5B).

Quote or cite this fact-check

FactHub rates the claim “The 10 largest payments supplied 51% of Washington's first year of capital gains tax revenue, and collections swung from $782 million to $395 million to $1.5 billion” True (high confidence): In 2022 the 10 largest payments were $394.3 million of $780.4 million; collections then halved before reaching $1.5 billion. Reviewed October 22, 2026. https://facthub.org/n/article/wa-capital-gains-tax-concentration/4

One-minute summary

What the evidence establishes

  • Established. In tax year 2022 the 10 largest payments totaled $394.3 million, 51% of $780.4 million in net payments (DOR, as of January 2025).
  • Established. The top tenth of payments, 341 of 3,380, supplied 85.6% of the first year's revenue (our calculation from DOR's table).
  • Established. Net collections by tax year: $782.0 million (2022), $394.7 million (2023), $583.8 million (2024) and about $1.5 billion (2025), as of June 9, 2026.
  • Established. The 10 largest payments fell by $265.2 million from 2022 to 2023, about 73% of the total drop (our calculation).
  • Context. The swings include windfalls: first-year collections were 1.48 times the 2021 fiscal note's capital gains estimate, and tax year 2025 alone exceeded the estimate for the whole 2025-27 biennium.
  • Not shown. DOR's data do not show who the payers are or why the 2023 drop happened (markets, timing of sales or departures).
Important context: Washington's capital gains tax took effect for gains realized in 2022, at 7% on long-term gains above a standard deduction (about $250,000, indexed), with a 2.9% surcharge on gains over $1 million from 2025. Payments are due each April for the prior year, and the Department of Revenue (DOR) revises its totals as refunds post, so every figure here carries an as-of date. DOR counts payments, not people. The tax matters to the I-645 debate because it is the state's only existing tax on high earners' income and the closest guide to how the proposed 9.9% tax on income over $1 million might behave, although the income tax's base is broader and includes wages.

The evidence

The conclusion rests on the combined record. Expand each item to see its role and limitations.

Independence note: This check uses 5 methods across 6 institutions and 1 country or international grouping.
Evidence map
Method Institution / country Year(s) What it shows Key limitation Primary links
Department of Revenue tabulation of net capital gains tax payments by size, with the total of the 10 largest payments, recomputed in a FactHub dataset Washington Department of Revenue, FactHub United States 2022, 2023, 2024, 2025 DOR's research office reports that the top 10 tax year 2022 payments totaled $394.3 million, 51% of $780.4 million, and that the top tenth of payments (341) totaled $668.0 million, 85.6% (our calculation). For tax year 2023 the top 10 were $129.1 million, 31% of $416.7 million, and the top tenth 73.5%. The top 10 fell by $265.2 million between the two years, about 73% of the $363.7 million total decline. DOR counts payments, not taxpayers, and keeps payers confidential, so the table cannot say whether the 10 largest payments came from 10 people. The table is a January 2025 snapshot whose totals differ slightly from DOR's later figures. DOR produced both the payment records and the table. Washington Department of Revenue FactHub
Department of Revenue net payments by tax year, as of June 9, 2026 Washington Department of Revenue United States 2022, 2023, 2024, 2025 DOR reports net payments of $782.0 million for tax year 2022, $394.7 million for 2023 (down 49.5%), $583.8 million for 2024 (up 47.9%) and $1.5 billion for 2025 (up about 157%), with the number of net payments rising from 3,625 to 9,050. Tax year 2025 is an initial count: extended returns were due October 15, 2026, and estimated payments may be revised. It also includes the 2.9% surcharge on gains over $1 million, so it is not directly comparable with earlier years. Earlier DOR releases gave other totals for the same years because refunds keep posting. Washington Department of Revenue FactHub
Comparison of the 2021 fiscal note and the March 2023 state revenue forecast with actual collections Washington Department of Revenue, Office of Financial Management, Washington Research Council United States 2021, 2023, 2024, 2025 DOR's 2021 fiscal note expected $527 million of capital gains tax receipts in FY2023 ($500 million to the Education Legacy Trust Account and $27 million to school construction) and $1,162 million in the 2023-25 biennium, assuming about 7,000 payers and 2018 gains grown with national forecasts. (The note's headline $442 million for FY2023 is the whole bill's net effect after B&O tax credits, which do not reduce capital gains payments.) Tax year 2022 collections were 1.48 times the FY2023 estimate; tax years 2023 and 2024 together were 0.84 times the biennium estimate. The state's March 2023 forecast assumed $248.0 million for FY2023; by May 9, DOR had received $849.2 million. The 2025 surcharge was expected to bring about $151 million from about 900 taxpayers in FY2026. The fiscal note estimates fiscal-year cash, while DOR reports by tax year, so each comparison is approximate. The Washington Research Council is a business-funded research group; its figures here restate the state forecast and DOR receipts. Office of Financial Management (Department of Revenue estimate) Washington Research Council Office of Financial Management (Department of Revenue estimate) FactHub
Contemporary news reporting of state revenue officials, and the state forecast council's own explanation of the 2026 windfall Bloomberg Law, Economic and Revenue Forecast Council United States 2023, 2026 In July 2023 Bloomberg Law reported, citing state revenue officials, that more than half of the first year's collections came from only 10 people. In June 2026 the state's Economic and Revenue Forecast Council raised its Education Legacy Trust Account forecast by $1.28 billion for the biennium because of large capital gains receipts. Bloomberg Law relied on the same state officials and DOR data, so it corroborates rather than independently measures the concentration. ERFC describes the 2026 increase but does not separate the surcharge from market gains. Bloomberg Law (Laura Mahoney) Washington Economic and Revenue Forecast Council
Statutory text of RCW 82.87.030 on how capital gains tax revenue is distributed Washington State Legislature United States 2021, 2026 By law the first $500 million a year (inflation-adjusted) goes to the Education Legacy Trust Account and any remainder to school construction. A first year above $500 million funded both; a year below it left construction with nothing from the tax. For 2025-27 the Legislature sent all receipts to the trust account instead. The statute shows where the money is supposed to go, not how lawmakers adjusted budgets around the swings, which this article does not trace. Washington State Legislature
1. DOR's decile table: 10 payments supplied 51% of the first year Department of Revenue tabulation of net capital gains tax payments by size, with the total of the 10 largest payments, recomputed in a FactHub dataset

DOR's research office reports that the top 10 tax year 2022 payments totaled $394.3 million, 51% of $780.4 million, and that the top tenth of payments (341) totaled $668.0 million, 85.6% (our calculation). For tax year 2023 the top 10 were $129.1 million, 31% of $416.7 million, and the top tenth 73.5%. The top 10 fell by $265.2 million between the two years, about 73% of the $363.7 million total decline.

Limit: DOR counts payments, not taxpayers, and keeps payers confidential, so the table cannot say whether the 10 largest payments came from 10 people. The table is a January 2025 snapshot whose totals differ slightly from DOR's later figures. DOR produced both the payment records and the table.

Verify: Capital gains tax payments by decile (Research & Fiscal Analysis, as of January 6, 2025) Washington capital gains tax: collections by tax year and concentration of payments, 2022-2025 (dataset version 2)

2. Collections by tax year: $782 million, $395 million, $584 million, $1.5 billion Department of Revenue net payments by tax year, as of June 9, 2026

DOR reports net payments of $782.0 million for tax year 2022, $394.7 million for 2023 (down 49.5%), $583.8 million for 2024 (up 47.9%) and $1.5 billion for 2025 (up about 157%), with the number of net payments rising from 3,625 to 9,050.

Limit: Tax year 2025 is an initial count: extended returns were due October 15, 2026, and estimated payments may be revised. It also includes the 2.9% surcharge on gains over $1 million, so it is not directly comparable with earlier years. Earlier DOR releases gave other totals for the same years because refunds keep posting.

Verify: Capital Gains Tax - Tax Year 2025 Initial Collections Washington capital gains tax: collections by tax year and concentration of payments, 2022-2025 (dataset version 2)

Washington capital gains tax collections by tax year, 2022-2025Net capital gains tax payments for each tax year as reported by the Washington Department of Revenue, as of June 9, 2026.{"width":960,"height":540,"plot":{"left":90,"top":70,"right":926,"bottom":482},"yDomain":[0,1500],"series":[{"name":"Value","color":"#176b87"}],"points":[{"series":0,"x":194.5,"y":267.21,"xLabel":"2022","yLabel":"$782"},{"series":0,"x":403.5,"y":373.59,"xLabel":"2023","yLabel":"$395"},{"series":0,"x":612.5,"y":321.65,"xLabel":"2024","yLabel":"$584"},{"series":0,"x":821.5,"y":70,"xLabel":"2025","yLabel":"$1,500"}]}Washington capital gains tax collections by tax year, 2022-2025$0$500$1,000$1,5002022202320242025Tax year (payments due the following April)Includes new 2.9% rate on gains over $1MFactHub · Net collections (million dollars)
Net capital gains tax collections halved from tax year 2022 ($782.0M) to 2023 ($394.7M), then rose to $583.8M and about $1.5B, the last including a new 2.9% rate on gains over $1 million. Source: Washington Department of Revenue, as of June 9, 2026; FactHub dataset. View source chart
3. Estimates missed in both directions Comparison of the 2021 fiscal note and the March 2023 state revenue forecast with actual collections

DOR's 2021 fiscal note expected $527 million of capital gains tax receipts in FY2023 ($500 million to the Education Legacy Trust Account and $27 million to school construction) and $1,162 million in the 2023-25 biennium, assuming about 7,000 payers and 2018 gains grown with national forecasts. (The note's headline $442 million for FY2023 is the whole bill's net effect after B&O tax credits, which do not reduce capital gains payments.) Tax year 2022 collections were 1.48 times the FY2023 estimate; tax years 2023 and 2024 together were 0.84 times the biennium estimate. The state's March 2023 forecast assumed $248.0 million for FY2023; by May 9, DOR had received $849.2 million. The 2025 surcharge was expected to bring about $151 million from about 900 taxpayers in FY2026.

Limit: The fiscal note estimates fiscal-year cash, while DOR reports by tax year, so each comparison is approximate. The Washington Research Council is a business-funded research group; its figures here restate the state forecast and DOR receipts.

Verify: Fiscal note package 63363, SSB 5096 (2021), capital gains tax Capital gains tax collections have come in higher than anticipated (May 2023) Fiscal note package 75010, ESSB 5813 (2025), capital gains and estate tax changes Washington capital gains tax: collections by tax year and concentration of payments, 2022-2025 (dataset version 2)

Forecast vs. actual: Gross capital gains tax receipts, FY2023 (tax year 2022 payments), FY2023 (tax year 2022)
Forecast
527 million US dollars, by Washington Department of Revenue (fiscal note for SSB 5096),
Actual
782 million US dollars (Tax year 2022, net payments as of June 9, 2026) · Capital gains tax collections compared with the 2021 fiscal note
Error (actual minus forecast)
+255 million US dollars (+48.39%)
Note
Gross = $500M Education Legacy Trust + $27M school construction. The bill's net total ($442M) subtracts B&O tax credits, which do not reduce capital gains payments. The note estimates fiscal-year cash; DOR reports tax-year net payments.

Source: OFM Fiscal Note Package 63363, SSB 5096 (2021), capital gains tax, as passed · View in the dataset

Forecast vs. actual: Gross capital gains tax receipts, 2023-25 biennium (tax years 2023 and 2024), 2023-25 biennium (tax years 2023-2024)
Forecast
1162 million US dollars, by Washington Department of Revenue (fiscal note for SSB 5096),
Actual
978.5 million US dollars (Tax years 2023 and 2024 combined, net payments as of June 9, 2026) · Capital gains tax collections compared with the 2021 fiscal note
Error (actual minus forecast)
-183.5 million US dollars (-15.79%)
Note
Gross = $1,028M Education Legacy Trust + $134M school construction; the bill's net total ($974M) subtracts $188M of B&O credits. The note gives no fiscal-year split of gross receipts for this biennium.

Source: OFM Fiscal Note Package 63363, SSB 5096 (2021), capital gains tax, as passed · View in the dataset

4. State officials and the state forecaster describe the same pattern Contemporary news reporting of state revenue officials, and the state forecast council's own explanation of the 2026 windfall

In July 2023 Bloomberg Law reported, citing state revenue officials, that more than half of the first year's collections came from only 10 people. In June 2026 the state's Economic and Revenue Forecast Council raised its Education Legacy Trust Account forecast by $1.28 billion for the biennium because of large capital gains receipts.

Limit: Bloomberg Law relied on the same state officials and DOR data, so it corroborates rather than independently measures the concentration. ERFC describes the 2026 increase but does not separate the surcharge from market gains.

Verify: Just 10 People Paid Bulk of Washington's New Capital Gains Tax (July 13, 2023) Revenue Review, June 26, 2026

5. What the swings meant for school accounts Statutory text of RCW 82.87.030 on how capital gains tax revenue is distributed

By law the first $500 million a year (inflation-adjusted) goes to the Education Legacy Trust Account and any remainder to school construction. A first year above $500 million funded both; a year below it left construction with nothing from the tax. For 2025-27 the Legislature sent all receipts to the trust account instead.

Limit: The statute shows where the money is supposed to go, not how lawmakers adjusted budgets around the swings, which this article does not trace.

Verify: RCW 82.87.030, Distribution of capital gains tax revenue

Common questions

“The swings are mostly good news: the tax has brought in more than the state expected.”

Short answer: Partly true

Partly. Against the 2021 fiscal note's capital gains estimate, the first year brought in 1.48 times as much, and tax year 2025 alone ($1.5 billion) exceeded the estimate for the entire 2025-27 biennium ($1,258 million), helped by a new surcharge. But tax years 2023 and 2024 together came in about 16% below their biennium estimate after collections halved. Volatility cuts both ways; the finding is that the revenue is large in good years and can halve in a bad one, which matters when a budget treats one year's receipts as the norm.

“The jump to $1.5 billion just reflects the new 2.9% rate.”

Short answer: Partly

The surcharge contributed, but DOR's own estimate for it was about $151 million a year from about 900 taxpayers. Even subtracting that estimate, 2025 collections would be more than double 2024's. The state forecast council attributes the increase to large receipts, without separating the rate change from market gains.

“The concentration was a first-year fluke.”

Short answer: Partly

The share from the 10 largest payments fell from 51% in tax year 2022 to 31% in 2023, when big gains were scarcer. But the top tenth of payments still supplied 73.5% of 2023 revenue, and the 10 largest alone accounted for about 73% of the drop between the two years. DOR has not published decile tables for 2024 or 2025.

“Ten payments means ten billionaires paid the tax.”

Short answer: Not shown

DOR counts payments and keeps payers confidential. Officials told Bloomberg Law the money came from 10 people, but the public data cannot confirm how many taxpayers made the 10 largest payments or who they were, and this article does not identify anyone.

“So the millionaires tax will be just as concentrated and volatile.”

Short answer: Not shown

Not necessarily. The proposed income tax takes in wages, business income and other income above $1 million, and its sections 302 and 205 leave long-term capital gains mainly to the existing capital gains tax through a credit. Its base is broader, though IRS data show Washington's $1 million-plus income has itself fallen by a third to a half in single years. The related article on the income tax's volatility covers that question.

Conclusion

Washington's Department of Revenue data support both parts of the claim. In the tax's first year (2022 gains), the 10 largest payments totaled $394.3 million, 51% of the $780.4 million collected as of January 2025, and the top tenth of payments supplied about 86%. Net collections then swung from $782.0 million for 2022 to $394.7 million for 2023, $583.8 million for 2024 and about $1.5 billion for 2025, as of June 2026. The figures come from DOR's own payment records, and the fiscal note, the Washington Research Council's tally and reporting of state officials are consistent with them, so confidence is high. The pattern is what makes the concentration matter. When large gains disappeared in 2023, the 10 largest payments fell by $265 million, about three-quarters of the entire decline. A tax that leans on a few very large payers rises and falls with their sales of stock and businesses, which in turn track markets. The concentration itself eased in 2023 (31% from the top 10), but the revenue still fell by half. The swings are not only downside. The first year brought in 1.48 times the fiscal note's capital gains estimate, and the state's March 2023 forecast of $248 million for that year turned out to be under a third of what arrived. Tax year 2025 alone exceeded the note's estimate for the whole 2025-27 biennium, though it includes a rate increase. Tax years 2023 and 2024 together fell about 16% short. The fair reading is that the tax is large in good years and unreliable year to year, not that it disappoints. What the data cannot show is who paid, whether any large payers left the state or simply sold less, and how much of the 2023 drop reflects the market rather than behavior. They also do not settle how the proposed income tax would behave, since its base is broader and it leaves most long-term gains to this tax.

How we checked

  1. Defined the claim as two parts: the share of the first year's (tax year 2022) capital gains tax revenue supplied by the 10 largest payments, and the change in net collections from tax year 2022 to 2023 to 2025.
  2. Took the concentration figures from DOR's decile table (as of January 6, 2025) and the collection totals from DOR's tax year 2025 collections page (as of June 9, 2026), and recorded them with their as-of dates in a FactHub dataset with a build script.
  3. Cross-checked against independent or earlier lines: the 2021 fiscal note, the state's March 2023 forecast as reported by the Washington Research Council, Bloomberg Law's July 2023 report of state officials, and ERFC's June 2026 forecast.
  4. Computed the top-decile share and the top-10 share of the 2022-to-2023 decline ourselves and labeled them as our calculations.
  5. Looked for evidence that cuts against the claim's implication, including the tax's record against its estimates and the role of the 2025 rate increase, and recorded each evidence item's limits.

Editorial note: Scope: This article checks the concentration and year-to-year swings of Washington's capital gains tax collections from tax year 2022 to 2025, using Department of Revenue data. It does not identify individual taxpayers, judge the tax's merits, or forecast the proposed income tax under I-645. External review: No external specialist review has been recorded. To verify yourself: (1) open DOR's decile table and read note 1 on each page; (2) open DOR's tax year 2025 collections page for the June 2026 totals; (3) compare with the revenue estimates in fiscal note package 63363; (4) open the FactHub dataset and rerun its build script. Challenge this fact-check: Identify the specific conclusion you dispute and provide verifiable evidence that could change it. Credible challenges deserve review and a visible response through FactHub's challenge submission process.

Expert-review status

No external specialist review has been recorded for this article.

Funding and conflicts

Funding: No external funding was received for this article or its dataset and chart.

Ownership: Published by the FactHub Research Team.

Conflicts: None known.

Sources

Sources are labeled by kind, with what this fact check takes from each, so readers can check the evidence independently.

  1. Government Washington Department of Revenue. Capital gains tax payments by decile (Research & Fiscal Analysis, as of January 6, 2025)

    Four-page DOR table of net capital gains tax payments by decile of payment size for tax years 2022 and 2023 and fiscal years 2023 and 2024, with the total of the 10 largest payments.

    Reliability: DOR collects the tax and compiled the table from its own payment records. Payers are confidential; the table reports payments, not individuals.

    • The 10 largest tax year 2022 payments totaled $394.3 million, 51% of net payments.

      What the source says
      Top 10 payments total $394,300,000, which is 51% of the total.
      Page 1 (Tax year 2022), note 1

    • Qualifies: In tax year 2023 the 10 largest payments were $129.1 million, 31% of the total, a smaller share than in 2022.

      What the source says
      Top 10 payments total $129,120,000, which is 31% of the total.
      Page 2 (Tax year 2023), note 1

    • Qualifies: DOR's figures are net of refunds paid and estimated, and count payments rather than taxpayers.

      What the source says
      "Net payment" means the total of payments received, minus the sum of refunds already paid out and estimated refunds.
      Page 1, note 2
  2. Government Washington Department of Revenue. Capital Gains Tax - Tax Year 2025 Initial Collections

    DOR statistics page with net payments and payment counts for tax years 2022-2025 and filing status for tax year 2025.

    Reliability: DOR's official collection totals from its payment records; the page states the as-of date and that estimated payments may change.

    • Tax year 2022 net payments were $782.0 million.

      What the source says
      2022 - $782.0 million, 3,625 net payments
      Net payments by tax year

    • Tax year 2023 net payments were $394.7 million, about half of 2022.

      What the source says
      2023 - $394.7 million, 3,649 net payments
      Net payments by tax year

    • Tax year 2024 net payments were $583.8 million.

      What the source says
      2024 - $583.8 million, 6,727 net payments
      Net payments by tax year

    • Tax year 2025 net payments were about $1.5 billion, an initial count.

      What the source says
      2025 - $1.5 billion, 9,050 net payments
      Net payments by tax year

    • Qualifies: Totals are as of June 9, 2026, and estimated 2025 payments may change.

      What the source says
      Because the payment is estimated, some may have over or underpaid which could impact collection numbers.
      Tax year 2025 filing notes
  3. Government Office of Financial Management (Department of Revenue estimate). Fiscal note package 63363, SSB 5096 (2021), capital gains tax

    Multi-agency fiscal note for the capital gains tax as passed, including DOR's revenue estimate and assumptions.

    Reliability: Official pre-enactment estimate prepared by DOR for the Legislature. It is a static estimate based on 2018 returns.

    • Qualifies: The fiscal note's headline FY2023 figure, $442 million, is the whole bill's net effect after B&O tax credits; its capital gains receipts were $527 million.

      What the source says
      FY 2023 - $ 442,000
      DOR revenue estimates, state government (cash basis, $000)

    • Qualifies: DOR expected about 7,000 payers in the first year.

      What the source says
      Approximately 7,000 taxpayers pay Washington capital gains tax for taxes due in 2023.
      DOR assumptions

    • Qualifies: The estimate grew 2018 gains with national forecasts rather than modeling market swings.

      What the source says
      Future amounts of capital gains for taxpayers equal the amounts reported in 2018 tax returns, adjusted by using forecasted rates of growth and decay.
      DOR assumptions
  4. Government Office of Financial Management (Department of Revenue estimate). Fiscal note package 75010, ESSB 5813 (2025), capital gains and estate tax changes

    Fiscal note for the 2025 law adding a 2.9% rate on Washington capital gains over $1 million.

    Reliability: Official pre-enactment estimate by DOR; it estimated about $151 million of surcharge revenue in FY2026.

    • Qualifies: DOR expected about 900 taxpayers to pay the new 2.9% rate in tax year 2025.

      What the source says
      About 900 taxpayers pay the higher rate for tax year 2025.
      DOR assumptions
  5. Advocacy group Washington Research Council. Capital gains tax collections have come in higher than anticipated (May 2023)

    Blog post comparing the state's March 2023 forecast with DOR's early first-year receipts.

    Reliability: A business-supported nonprofit that analyzes Washington fiscal policy and has been critical of the capital gains tax. The figures cited restate the state forecast and DOR receipts.

    • Qualifies: The state's March 2023 forecast expected $248.0 million in FY2023.

      What the source says
      The state’s March 2023 revenue forecast assumes that capital gains tax revenues will total $248.0 million in fiscal year 2023 (which ends on June 30).
      First paragraph

    • Qualifies: By May 9, 2023, DOR had received $849.2 million for 2022 gains, far above the forecast.

      What the source says
      According to the Department of Revenue (DOR), the state has so far (through May 9) received $849.2 million from the capital gains tax (related to gains realized in calendar year 2022).
      Second paragraph
  6. News report Bloomberg Law (Laura Mahoney). Just 10 People Paid Bulk of Washington's New Capital Gains Tax (July 13, 2023)

    News report on the first year of collections, citing state revenue officials.

    Reliability: Legal and tax news service. The figure is attributed to state revenue officials, so it rests on the same DOR data.

    • State officials told reporters in 2023 that more than half of the first year's collections came from 10 people.

      What the source says
      more than half of it from only 10 people
      Lead paragraph · Washington state revenue officials (as reported)
  7. Government Washington Economic and Revenue Forecast Council. Revenue Review, June 26, 2026

    The state forecast council's June 2026 revenue forecast summary.

    Reliability: The state's official, bipartisan revenue forecaster; it explains forecast changes but does not report collections by payer.

    • Qualifies: The forecast council raised its education trust account forecast because of large capital gains receipts in 2026.

      What the source says
      The forecast of revenue dedicated to the Education Legacy Trust Account (ELTA) revenue has increased due to large receipts and an increased forecast of the capital gains tax in the current fiscal year and biennium.
      Summary bullets
  8. Government Washington State Legislature. RCW 82.87.030, Distribution of capital gains tax revenue

    Current statute directing capital gains tax revenue to the Education Legacy Trust Account and the common school construction fund.

    Reliability: The statute itself, as amended in 2026.

    • Qualifies: The first $500 million a year goes to the education trust account and any remainder to school construction.

      What the source says
      The first $500,000,000 collected each fiscal year shall be deposited into the education legacy trust account created in RCW 83.100.230; and (b) Any remainder collected each fiscal year shall be deposited into the common school construction fund.
      Subsection (1)

    • Qualifies: For 2025-27 all receipts go to the education trust account.

      What the source says
      During the 2025-2027 fiscal biennium, all taxes, interest, and penalties collected under this chapter shall be deposited into the education legacy trust account.
      Subsection (3)
  9. FactHub record FactHub. Washington capital gains tax: collections by tax year and concentration of payments, 2022-2025 (dataset version 2)

    FactHub's compilation of DOR and OFM figures with the build script and saved analyses behind every number in this article.

    • The top tenth of payments supplied 85.6% of tax year 2022 net payments and 73.5% of tax year 2023 (our calculation).

    • The 10 largest payments fell $265.2 million from 2022 to 2023, about 73% of the $363.7 million total drop (our calculation).

    • Net collections changed -49.5% (2023), +47.9% (2024) and about +157% (2025).

    • Qualifies: Collections were 1.48 times the fiscal note's gross capital gains estimate for tax year 2022 and 0.84 times for tax years 2023-2024 combined.

    • Qualifies: Tax year 2025 alone ($1.5 billion) exceeded the fiscal note's capital gains estimate for the entire 2025-27 biennium ($1,258 million).

  10. FactHub dataset Washington capital gains tax: collections by tax year and concentration of payments, 2022-2025

    • Tables: cg-collections

      Saved analysis collections-by-tax-year

    • Tables: cg-concentration

      Saved analysis payment-concentration

    • Tables: cg-concentration

      Saved analysis top10-share-of-drop

    • Tables: cg-estimates

      Forecast fn-5096-fy2023

    • Tables: cg-estimates

      Forecast fn-5096-2023-25

  11. FactHub chart wa-capital-gains-collections-by-year

Update history

  1. Initial version, with a FactHub dataset and chart. Main image: New York Stock Exchange trading floor (Thomas J. O'Halloran, Library of Congress, public domain).
  2. Version 2: disclosure wording standardized; link to a related draft removed until it is final.
  3. Version 3: the comparison with the 2021 fiscal note now uses its capital gains receipts ($527M for FY2023; $1,162M for 2023-25) rather than the bill's net total ($442M), which also subtracts B&O tax credits. First-year ratio corrected from 1.77 to 1.48; tax years 2023-2024 compared as a biennium (0.84). Cites dataset and chart version 2.
  4. Conflicts disclosure standardized.

Cited by

Version details

The exact citing versions, and the version of this article each cites.

  • Briefing wa-i-645 — version 6 (published) cites version 4
  • Briefing wa-i-645 — version 4 (published) cites version 3

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{"@context":"https://schema.org","@type":"ClaimReview","url":"https://facthub.org/n/article/wa-capital-gains-tax-concentration/4","datePublished":"2026-10-22","dateModified":"2026-10-22","author":{"@type":"Organization","name":"FactHub","url":"https://facthub.org/"},"claimReviewed":"The 10 largest payments supplied 51% of Washington\u0027s first year of capital gains tax revenue, and collections swung from $782 million to $395 million to $1.5 billion.","reviewRating":{"@type":"Rating","alternateName":"True"},"image":"https://facthub.org/node-assets-v2/article/wa-capital-gains-tax-concentration/4/trading-floor/social-1200x630.jpg"}

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Technical details: node handle article:wa-capital-gains-tax-concentration