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They’ve pointed to the November defeat of an initiative that would have repealed the state’s capital gains tax. Yet Smith noted that Washington’s voters did not approve new taxes in November ...
Included was lowering the income tax ceiling from 6.75% to 5.9%, increasing the small business exemptions from $100,000 in 2021 to now almost $1 million in 2024, and lowering the capital gains tax ...
(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 ...
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.
As explained by a capital gains income tax supporter, Sen. Jamie Pedersen, in this 2018 email obtained by a public records request: “But the more important benefit of passing a capital gains tax ...
The genesis for what eventually became the capital gains tax was proposed in the budget presented by Gov. Jay Inslee on December 17, 2020. The 2021 budget proposal included a proposed 9% tax on capital gains, something Democrats in the state legislature had sought to pass in previous years but has lacked the votes to pass. [7]
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 ...
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 ...