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Schools budget proposal includes capital gains tax

An 8 percent capital gains tax has been proposed in the Office of the Superintendent of Public Instruction’s 2019-21 state budget request.

Washington Retail Association has opposed other capital gains tax proposals in the past because they would penalize small business owners who expected that they could derive income from selling the business for retirement expenses. A capital gains tax would reduce proceeds from the sale of personal assets.

Others object that a capital gains tax is unconstitutional due to the state’s prohibition of income taxes. Still others say it is an unreliable source of state revenue.

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Source: Washington Research Council

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