Taxing the rich
Democrats are pushing multiple proposals to tax the wealthiest Washingtonians, and it can be confusing to parse through them all. We’re here to help. You can read more about each proposal here, but here’s a quick breakdown:
Bill number: Senate Bill 5096 — Capital gains tax
What it does: Apply a 7% tax on sales of assets that exceed $250,000 in a given year. Those assets are typically stocks or bonds.
Current status: Passed the Senate on March 6, awaiting House action.
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Bill number: House Bill 1406 — Wealth tax
What it does: Apply a 1% tax on all Washington residents whose worldwide wealth exceeds
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