Could initiative to kill WA ‘millionaires tax’ also kill capital gains tax?

An initiative aiming to scrap Washington State's new "millionaires tax" has raised alarms about potentially eliminating other state taxes, including capital gains tax, according to opponents. Proponents argue this is just a scare tactic, insisting their goal is solely to repeal the new wealth tax. This debate is crucial because the 'millionaires tax' was intended to generate significant revenue for the state, and its repeal could lead to broader tax reforms with implications for both state finances and economic policy.