OLYMPIA, Wash. (AP) — The Washington House has approved a capital gains tax on the sale of high-profit stocks and bonds, but its future in the Senate is unclear following changes Democrats made in a House committee. The measure would impose a 7% tax on the sale of stocks, bonds and other high-end assets in excess of $250,000 for both individuals and couples. Retirement accounts, homes, farms and forestry would be exempt. The measure would take effect Jan. 1 and is expected to bring in about $450 million a year. Opponents have argued that it’s a tax on income that is illegal in the state, and the debate is certain to end up in court if it becomes law.
Washington House approves new tax on capital gains
