The 7% tax is levied on earnings in excess of $262,000 from the sales of stocks, bonds and other investments. The sales of homes and farms are exempt. Roughly 0.2% of Washington’s residents pay this tax.
In fiscal 2023, its first year of collection, Washington’s tax collected $847.5 million, according to the Office of Financial Management. The OFM is predicting $363 million in fiscal 2024 for a total of $1.215 billion for the two-year budget cycle. A fundamental facet of a capital gains tax is that the revenue is expected to fluctuate from year to year. Forty-one other states have capital gains taxes.
In fiscal 2023, $500 million of Washington
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