Dems Introduce Capital Gains Tax Bill in Olympia

“Representative Laurie Jinkins (D-Tacoma) introduced HB 2563 today, which would impose a 5 percent excise tax on capital gains over $10,000 a year ($5,000 for an individual), a bill that borrows generously from proposals made by the Washington State Budget and Policy Center. The proposed bill would not tax profits from the sale of a primary residence or farmland, or affect retirement savings or inheritances. 97 percent of Washingtonians would see no tax increase at all. In fact, the richest one percent currently enjoy more than three-quarters of all capital gains (mostly the profit on the sale of stocks, bonds, and real estate)….”