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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 ...
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 capital gains tax levies a 7% tax on the sale or exchange of long-term capital assets. The tax was created by the passage of Senate Bill 5096 in 2021, despite a great deal of opposition from ...
2025 King County, Washington Executive election; 2025 Seattle mayoral election; Unknown date: The 2 Line of Sound Transit's Link light rail system is expected to be extended east into Downtown Redmond by spring 2025. [10] Unknown date: The 2 Line is expected to be extended west across Lake Washington to Seattle via the Homer M. Hadley Memorial ...
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]
Whichever candidate prevails this November will immediately become the loudest voice in a fierce tax debate set to consume Washington in 2025. Washington faces a giant tax debate in 2025. How ...
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 ...