On day 101 of 105 in Washington’s legislative session, the House of Representatives approved a new capital gains tax in a tight 52-46 vote.
Passed by the Senate in March in another narrow vote, Engrossed Substitute Senate Bill 5096 would impose a new 7% tax on certain capital gains income including profits from selling long-term assets such as stocks and bonds totaling more than $250,000 beginning in 2022. Earned income from salaries and wages are not considered capital gains, and retirement accounts, home sales and businesses grossing less than $10 million a year would not be subject to this tax.
The tax has long been championed by Gov. Jay Inslee
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