KUOW - Second lawsuit filed to overturn capital gains tax in Washington
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Second lawsuit filed to overturn capital gains tax in Washington
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Amid legal challenge, Washington capital gains tax signed into law By RACHEL LA CORTE, Associated Press
Published: May 4, 2021, 4:24pm
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OLYMPIA A new capital gains tax on high profit stocks, bonds and other assets was signed into law Tuesday by Washington Gov. Jay Inslee.
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.