3-26-2019
OLYMPIA, Wash. (AP) — House Democrats unveiled a two-year state budget proposal Monday that would add $1.4 billion in new revenue, including a new capital gains tax on the sale of high-value stocks and bonds.
The Democrats’ $52.8 billion proposal increases spending in several sectors of state government including K-12 education and the mental health system.
The main portion of the revenue plan would levy a 9.9 percent capital gains tax on earnings from the sale of stocks, bonds and other assets above $100,000 for individuals and $200,000 for those who file jointly.
Supporters say fewer than 14,000 households would be affected by the new tax.
Retirement accounts, all residences, along with agricultural and timber lands, would be exempt from the tax, as would sale of cattle, horses or breeding livestock.