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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.
[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 effort to repeal I-2109 began in 2023, following a ...
(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 ...
Washington’s own 7% capital gains tax on the sale or exchange of long-term capital assets targets some of the state’s wealthiest residents. ... 816 taxpayers in Seattle paid the state capital ...
For the 2024 tax year, individual filers won’t pay any capital gains tax if their total taxable income is $47,025 or less. The rate jumps to 15 percent on capital gains, if their income is ...
2024 Washington Initiative 2109 – Proposed repeal of state capital gains tax 2024 Washington Initiative 2117 – Proposed repeal of state carbon tax cap and trade laws 2024 Washington Initiative 2124 – Proposal to make employee participation in state long-term care program voluntary
The tax was proposed after the state’s 7% tax on the sale or exchange of long-term capital assets was upheld by voters during the 2024 general election. Approximately 816 Seattle residents would ...
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 ...