OLYMPIA, Wash. — A state Senate committee has approved a so-called excise tax on capital gains.
The Ways and Means Committee passed the measure Tuesday night over Republican objections.
Senate Bill 5096 would impose a 7% capital gains tax on individuals and couples who make more than $250,000 on sales of stocks and bonds.
Opponents says capital gains are income.
Jason Mercier with the conservative advocacy group Washington Policy Center called the bill an unconstitutional income tax.
Democratic State Senator June Robinson spoke out on the bill, noting the bill does not allow a vote by the people and it will face a court challenge.
Retirement accounts, and property sales of farms and forestry would be exempt from the tax as currently drafted.