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Prior to the passage of the capital gains tax, Washington State had the most regressive tax system of any state in the US. [9] The wealthiest 1% paid just 3% of their income in state taxes, while the poorest 20% paid 17.8%. [10] Advocates had long proposed a capital gains tax in order to help reduce this gap.
Capital gains tax A levy imposed by the IRS on profits made from the sale of an asset, such as stocks or real estate — that profit is considered taxable income. Long-term capital gains A tax on ...
Even before talks of a capital gains tax, the state grappled with implementing an income tax. In the last century, the state Supreme Court ruled an income tax unconstitutional, and voters have ...
Capital gains tax rate on real estate ... be considered long-term capital gains, the IRS says you have to own the home and live in it for two of the five years leading up to the sale. In this case ...
From 1998 through 2017, tax law keyed the tax rate for long-term capital gains to the taxpayer's tax bracket for ordinary income, and set forth a lower rate for the capital gains. (Short-term capital gains have been taxed at the same rate as ordinary income for this entire period.) [ 16 ] This approach was dropped by the Tax Cuts and Jobs Act ...
[1] [2] The initiative would have repeal SB 5096, which created a 7% capital gains tax on the sale of long-term capital assets (i.e. stocks, bonds and business interests) worth more than $250,000 in Washington state since 2021. Real estate sales are already exempt from the tax. [1] [3]
(The Center Square) – A general income tax in Washington state appears to be off the table for now, even as voters retained the state’s capital gains tax by failing to pass Initiative 2109 on ...
As explained by a capital gains income tax supporter, Sen. Jamie Pedersen, in this 2018 email obtained by a public records request: “But the more important benefit of passing a capital gains tax ...