OLYMPIA, Wash. (AP) — A Senate committee has approved a capital gains tax on the sale of high-profit stocks and bonds. The Ways and Means Committee passed the measure Tuesday night over Republican objections. The bill now heads to the Rules Committee, the last stop before a potential vote by the full Senate. The measure would impose a 7% capital gains tax on individuals and couples who make in excess of $250,000 on sales of stocks and bonds. Retirement accounts, all property sales farms and forestry would be exempt from the tax. The measure would take effect Jan. 1, 2022 and is expected to bring in about $550 million a year.
Senate committee approves capital gains tax
