Articles written by Paul Guppy

Paul Guppy, Senior Researcher Washington Policy Center|Sep 11, 2024

Washington voters will soon have an opportunity to have their say on an unusual and corrosive tax the legislature passed in 2021. The controversial tax imposes a levy of 7% on capital gains income over $250,000. While that seems like it would only apply to “the rich,” the legislature has already proposed expanding the tax until it hits working-class incomes. Here’s how got where we are now. Three years ago, lawmakers passed and Governor Inslee signed SB 5096, creating the first-ever tax on capital gains income. Based on multiple prece...