Capital gains tax signed into law in Washington state
Published
Gov. Inslee proposes capital gains tax, tax on health insurers
Washington Gov. Jay Inslee is proposing a new capital gains tax and a tax on health insurers as part of his two-year, $57.6 billion budget proposal.
A legal challenge against the tax has already started, with one lawsuit filed last week and another expected.
The measure imposes a 7% tax on the sale of stocks, bonds, and other high-end assets in excess of $250,000 for both individuals and couples, and is expected to bring in $415 million in 2023, the first year the state would see money from the tax, which would start in January 2022.