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Governor Proposes Capital Gains Tax on Washington’s Wealthiest

Dec. 18, 2020, 1:36 AM

Washington Gov. Jay Inslee called on state lawmakers to pass a capital gains tax on the sale of stocks, bonds, and other assets by the richest residents.

The Democratic governor’s proposal, aimed at the top 1.9% of households, is intended to address what has been criticized as a deeply regressive tax system. In Washington, the poorest pay six times more taxes as a percentage of their income, Inslee said at a press conference Thursday.

The current tax structure is “wildly unfair” and “it will not help our economic recovery,” Inslee said.

The Institute for Taxation and Economic Policy has ...

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