OLYMPIA, Wash. (AP) — In a weekend vote, the Washington Senate has narrowly approved a capital gains tax on the sale of high-profit stocks and bonds.
The measure would impose a 7% tax on the sale of stocks, bonds and other high-end assets in excess of $250,000.
Retirement accounts, homes, farms and forestry would be exempt .
Opponents say the bill imposes a form of *income* tax, prohibited in the state constitution and *unwanted by voters*.
Republican Senator Brad Hawkins said while the tax may be narrow now, he believed it was inevitable that it would be expanded.
The bill now heads to the House.
Opponents have promised a court fight it is signed into law.