State Democratic House Budget Calls for Capital Gains Tax
With ten days left in the 2018 legislative session, both the State Senate and House have released their proposed budgets for the next two years.
While the Senate proposal does not call for new taxes, the House one brings up a controversial tax that has been defeated in the past.
The House proposal doesn't appropriate $1 billion 'required' by the State Supreme Court to fund education, but it does propose a cut in property taxes. Due to what Opportunity Washington calls a 'surge of cash reserves,' the Dems want to cut property taxes even more starting in 2012. But to make up for it, they are proposing a Capital Gains tax.
This tax affects profits made from the sale of investments, stocks, bonds and financial assets. Such a tax has been proposed before, but was defeated or never voted on .Gov. Inslee is in favor of such a tax, but reportedly realizes it would be a very tough sell to legislators and the public.
The idea for the tax will be brought to the Capitol floor Friday for debate.