Captial Gains Tax Proposal in Olympia
OLYMPIA, Wash. (AP) -- The leader of the Senate Democrats in Washington state is proposing a capital gains tax to help ad hundreds of millions of dollars to education.
Sen. Ed Murray of Seattle said Friday that he'd like to see voters approve the tax along with a package of reforms supported by a Republican-leaning coalition in the Senate. Murray said both sides need to come together on a larger compromise.
Republican lawmakers have said the state needs to focus on having government live with the revenue it already has.
Murray's proposal adds a 5 percent excise tax on capital gains. It would exempt the first $10,000 in gains for individuals. Murray projected that a small fraction of voters would be impacted by the tax.