OLYMPIA, Wash. — A bill to impose a Washington State capital gains tax that passed the senate last weekend will have its first House hearing Monday.
SB5096 would impose a 7% tax on stock, bond, and other high-end asset income in excess of $250,000 for both individuals and couples.
Democratic senator Rebecca Saldanya said affluent members of her district were willing to pay the tax.
The Seattle times reports a proposed amendment to allow voluntary capital gains tax payments by individuals was struck down by the Democratic led chamber.
Republican Senator Linda Wilson said state citizens have repeatedly voted against taxes on income.
The capital gains tax bill had its first reading in the House earlier this week, and is set for a public hearing next Monday at 10.