OLYMPIA, Wash. (AP) — The Washington Senate has narrowly approved a capital gains tax on the sale of high-profit stocks and bonds. The measure would impose a 7% tax on the sale of stocks, bonds and other high-end assets _ like a classic car or painting _ in excess of $250,000 for both individuals and couples. Retirement accounts, homes, farms and forestry would be exempt from the proposed tax. The measure would take effect Jan. 1, 2022, and is expected to bring in about $500 million a year. The capital gains tax has been introduced several times in previous years. But it has never gained traction in the Legislature. Saturday’s vote in the Senate is the farthest the idea has made it through the legislative process. The bill heads to the House.
Washington Senate approves new tax on capital gains
