WA State Capital Gains Tax Numbers Released, Up Slightly
The WA State Department of Revenue reports heading to the end of the fiscal year (July to the following June) that capital gains tax revenues are up from 2024.
Gains numbered $560 million
The capital gains tax, which has been hotly debated since its controversial passing and court rulings, brought in $560 million, with a total of 4,461 returns filed.
That compares with $416 million in 2023, but both are well down from the 2022 iniital total of $840 million. But, that number was cut significantly with Jeff Bezos moving to Florida to avoid the tax.
The Dept. Of Revenue says some calculations are still being made, but this year is an increase. However, financial critics point out the up and down collection figures illustrate the volatility of the tax, because it's based on consumer selling habits each year's collection will depend on how many large sales of stocks, bonds, and other major ticket items (outside of exempt real estate) are sold.
According to the Department of Revenue:
"The capital gains tax is a 7% excise tax on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets. Starting with tax year 2025, capital gains in excess of $1 million will be taxed at 9.9%, gains under $1 million will continue to be taxed at 7%. "
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