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(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 ...
The capital gains tax rate brackets were adjusted upward for tax year 2024 and 2025 to account for inflation. Still, the long-term capital gains tax does not exceed 15% for most people. This 15% ...
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 ...
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 effort to repeal I-2109 began in 2023, following a ruling of the Washington Supreme Court upholding the constitutionality of the capital gains tax. [ 2 ] [ 4 ] I-2109 collected a total of 436,474 signatures, and was ultimately certified and introduced to the legislature for their 2024 legislative session. [ 5 ]
Here are the details on capital gains rates for the 2023 and 2024 tax years. ... Dakota, Tennessee, Texas, Washington and Wyoming. Another state – New Hampshire – doesn’t tax earned income ...
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 ...
In 2023, 816 taxpayers in Seattle paid the state capital gains tax. Out of the 816, 163 paid 85.7% of the state capital gains tax. Seattle City Councilmember Cathy Moore is the prime sponsor of ...