Moore’s proposal would implement a 2% tax on capital gains in excess of $250,000. The tax is modeled after the new state-level capital gains tax, which was deemed constitutional by the Washington Supreme Court in 2023 and reaffirmed by 63% of Washington voters who rejected a ballot initiative to repeal it this election. The capital gains tax was even more popular in King County, where 72% of voters rejected the repeal.
Revenues from the Seattle capital gains tax would be used to pay for emergency rental assistance to help people avoid eviction, downpayment assistance for low- and moderate-income homebuyers and to support food assistance programs such as food banks.
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