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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.
(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 ...
Democrats in Olympia, led by Gov. Jay Inslee, sought to begin addressing that in 2021, when they enacted a 7% capital gains tax on the sale of stocks, bonds and other high-end assets, with ...
[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]
May 10—OLYMPIA — The road to pass a capital gains tax in Washington is a long one. Democrats have pushed for it for years. Even before talks of a capital gains tax, the state grappled with ...
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 ...
Supporters of repealing the capital gains tax warned that it was a stepping stone to subverting Washington's ban on income taxes. The capital gains tax levies a 7% tax on the sale or exchange of ...
Jan. 23—OLYMPIA — Washington voters will likely have the chance this November to do away with the state's new tax on capital gains, after a ballot initiative to repeal it was certified Tuesday.