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[1] [2] The initiative would have repeal SB 5096, which created a 7% capital gains tax on the sale of long-term capital assets (i.e. stocks, bonds and business interests) worth more than $250,000 in Washington state since 2021. Real estate sales are already exempt from the tax. [1] [3] The effort to repeal I-2109 began in 2023, following a ...
(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 ...
Democrats circumvented this provision by labeling the capital gains tax an “excise” tax. The state Supreme Court eventually ruled the tax was constitutional. In response, Let’s Go Washington ...
2024 Washington Initiative 2109 – Proposed repeal of state capital gains tax 2024 Washington Initiative 2117 – Proposed repeal of state carbon tax cap and trade laws 2024 Washington Initiative 2124 – Proposal to make employee participation in state long-term care program voluntary
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.
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 ...
Ordinary Tax Rates for 2020 Taxable Income Filed in 2021. Filing Status. Income Bracket. Tax Rate. Single. $0 to $9,699. 10%. $9,700 to $39,474. 12%. $39,475 to $84,199