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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. ... In 2023, 816 taxpayers in Seattle paid the state ...
(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 ...
If the capital gains tax is found to be an “excise tax,” Washington would be attempting to tax activity that occurs in other states. ... 2023, credit rating for the state: “Should the ...
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 ]
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 ...
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% ...
An initiative to repeal Washington’s capital gains tax, which levies a 7% tax on the sale or exchange of long-term assets like stocks, bonds and business interests, was defeated Tuesday. Voters ...