Governor Inslee Proposes $1.5 Billion of New Revenue, Including a 7 Percent Personal Tax on Capital Gains
By Scott M. Edwards and Daniel A. Kittle
Washington Governor Jay Inslee recently released his proposed budget for 2015-17, which includes approximately $1.5 billion of new and increased taxes the Governor is marketing as “improving Washington’s unfair and outdated tax system.”
Capital Gains Tax. The centerpiece of the Governor’s tax increase proposals involves a new 7 percent capital gains tax that would be imposed on individuals. The capital gains tax is estimated to generate nearly $800 million in its first year and represents more than half of the proposed tax increase. Washington does not currently have an income tax or other tax imposed on individuals.
For more information, please contact the Taxation Group at Lane Powell: