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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. ... Apply the 2% tax rate and that results in a $960 ...
(The Center Square) – The Seattle City Council has rejected a proposed local capital gains tax, but the bill could be brought back as soon as early next year. Council Bill 120908 would have ...
The tax has been paid by a total of 3,354 individuals, with the top 10 tax payers comprising 56% of the total amount of taxes paid to date. [26] The state Office of Financial Management estimates that a repeal of SB 5096 would cut about $833 million dollars in anticipated tax revenues from the projected 2025 budget. [ 27 ]
The federal government also collects a 10% to 11% excise tax for a total combined rate of 17% to 22.1%. If you live in House Democrats push 11% firearm, ammo excise tax as $10B to $16B shortfall looms
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 combined state and local retail sales tax rates increase the taxes paid by consumers, depending on the variable local sales tax rates, generally between 7.5 and 10 percent. [1] As of March 2017, the combined sales tax rate in Seattle and Tacoma was 10.1 percent. [2]
(The Center Square) – A proposed capital gains tax in Seattle failed to get a "pass" recommendation out of the Select Budget Committee, with Council Bill 120908 garnering a 4-4 vote, including ...
[20] [21] In July 2017, the Seattle City Council approved an income tax on Seattle residents, making the city the only one in the state with an income tax, [22] but it was ruled unconstitutional by the King County Superior Court. [23] The Court of Appeals upheld that ruling [24] and the Washington Supreme Court declined to hear the case. [25]