Is Washington’s capital gains tax an excise or income tax? That’s the question that could soon be presented to the state Supreme Court, and which two University of Washington experts debated over on Thursday night.
New ballot initiative takes aim at Washington capital gains tax
The state’s capital gains tax was approved by state lawmakers in 2021, imposing a 7% tax on capital gains above $250,000 for all to bring in an estimated $415 million in 2023, its first year. The text of the bill describes it as an excise tax on the sale of stocks, bonds, and other assets above $250,000, excepting real estate and family-owned small businesses.
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