OLYMPIA, Wash. (AP) — The Washington House of Representatives has approved a capital gains tax to take effect next year.
The measure would impose a 7% tax on the sale of stocks, bonds, and other high-end assets in excess of a quarter million dollars for both individuals and couples in the state.
Other personal assets such as retirement accounts, homes, farms, and forestry would all be exempt.
Despite initial approval in the house, opponents have argued it’s an unconstitutional tax of income in Washington, and the debate is certain to end up in court if it does become a law.
The bill now heads back to the Senate for concurrence.