Democrats propose 'Extraordinary Profits' tax on capital gains, real estate
House Democrats unveiled a $52.6 billion two-year state budget on Monday, up $8 billion from the current biennium and including $1.4 billion in new taxes including an "Extraordinary Profits" tax.
The 9.9 percent tax would apply to capital gains of more than $110,000 for an individual and $200,000 for a couple, plus higher taxes on high-level real estate transactions. The proposed tax would hike the real estate excise on properties worth more than $1.5 million.
The Extraordinary Profits proposal is designed as a compensation for what State Rep. Gael Tarleton described as "the most upside down, antiquated" tax system in the United States. "We are about to make an investment in a better life for everyone in this state," she said.
The proposal comes on the heels of a good-news prediction of $860 million in new revenue flowing into the state's coffers.
https://www.seattlepi.com/local/politics/article/Democrats-propose-Extraordinary-Profits-tax-on-13715291.php?utm_source=newsletter&utm_medium=email&utm_campaign=dailynewsletterspi&utm_term=spi
