State Capital Gains Tax Bill Changes Shape as it Moves Through Lawmaking Process

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A Senate bill that would impose a tax on capital gains in Washington state looked much different from its original form when it passed out of the Senate Ways & Means Committee Tuesday evening.

With the changes, the new proposal is predicted to bring in less revenue than the original and affect fewer taxpayers.

The bill was requested by the Office of Financial Management and was part of Gov. Jay Inslee’s proposed operating budget. It originally proposed a 9% tax on capital gains earnings — such as the sales of stocks, bonds, and other assets — above $25,000 for individuals or $50,000 for joint filers. It included exemptions such as sole proprietor businesses, homes, farms, and retirement accounts.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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