As of the court’s ruling, a 7% tax will be placed on the sale or exchange of capital assets above $250,000.
was signed last year by Gov. Jay Inslee and went into effect in Jan. 2022, before it was stopped by lawsuits.
According to Lamb, the majority opinion stated the wealthiest households in Washington are disproportionately white, while the poorest households are disproportionately BIPOC. As a result, Washington’s upside-down tax system perpetuates systemic racism by placing a disproportionate tax burden on BIPOC residents; a sentiment thehas argued for, believing Washingtonians have been saddled with the most regressive state and local tax code in the nation.
The capital gains tax is expected to bring in roughly $500 million annually to fund early learning and childcare programs. The state is also projected to bring in about $681 million more than anticipated for the coming 2023-2025 budget cycle, according to“And what they have done in this decision is, I believe, to open the door to all forms of taxation now that the Democratic majority in the Legislature and the governor may wish to enact to sort of further their public policy agenda.
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