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SEATTLE WEIGHS ANOTHER WASHINGTON CAPITAL GAINS TAX

A capital gains tax in Seattle could gain support. Meanwhile, gas prices in
Washington state recently rose above California's gas prices.

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(Image credit: Getty Images)

By Kelley R. Taylor
published June 26, 2023

A recent survey shows that most Seattle voters would support a proposed citywide
capital gains tax. If passed, the measure would be similar to an existing,
somewhat controversial, statewide capital gains tax in Washington on sales of
stocks and bonds over $250,000 in a year. 



As Kiplinger reported, revenues for Washington’s capital gains tax have exceeded
estimates, bringing in more than $830 million in the first quarter of this year.
Meanwhile, late last week, gas prices in Washington state notably surpassed
those in California as the most expensive gas in the U.S. 

Controversial Capital Gains Tax Upheld in Washington


SEATTLE COULD ADOPT CITYWIDE CAPITAL GAINS TAX 

 * In a Seattle Times/ Suffolk University poll conducted June 12-16, more than
   half (54%) of respondents said they support a capital gains tax for Seattle
   similar to the state’s new capital gains tax. 
 * A little more than a third of respondents (32%) would oppose the measure, and
   about 14% of those polled about a potential Seattle capital gains tax were
   undecided.



Seattle Councilmember Alex Pederson (District 4 – Northeast Seattle) proposed
the citywide capital gains tax. Pederson says the measure would be targeted to
the top 1% in Seattle and could generate up to about $50 million in revenue
annually. 


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“Adopting a more fair and progressive capital gains tax would ensure no one has
to pay taxes for their drinking water in Seattle, making this the first time
City Hall has proactively eliminated a regressive tax,” Pederson said in a
release regarding the proposed law. 

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States With Low and No Capital Gains Tax

If passed, the legislation would eliminate an existing water tax, which the
lawmaker describes as regressive, in favor of a 2% Seattle-wide capital gains
excise tax on high-end capital gains. Like the Washington capital gains tax, the
Seattle capital gains tax would, according to Pederson, apply to “only a very
small number who gain more than $250,000 in a single year from the sale of
assets, such as stocks or bonds.” Retirement savings and real estate
transactions would be exempted from the tax. 



Opponents of the Washington capital gains tax, which is a 7% tax on the sale or
exchange of long-term capital assets such as stocks, bonds, business interests,
or other investments and tangible assets, have argued that it is
unconstitutional and continue to express concern that the tax will drive
businesses from the state.


WASHINGTON GAS PRICES SURPASS CALIFORNIA GAS PRICES 

While talk of the potential local capital gains tax in Seattle continues, the
gas price in Washington last week rose above the notoriously expensive gas in
California.  

 * AAA recorded the average gas price in Washington last week at about $4.93 a
   gallon, which was up more than 33 cents from May. (Washington gas prices are
   about $4.97 a gallon this week.)
 * The average for a gallon of regular gas in California was about $4.86 last
   week, according to AAA. 
 * According to GasBuddy, the national average for a gallon of regular gas has
   hovered just under $3.60 (this week, the national average gas price is around
   $3.57). (GasBuddy provides a free app designed to help people find gas
   stations with the cheapest gas.)

 10 States With Low Gas Prices 


WHY IS WASHINGTON STATE GAS SO EXPENSIVE? 

Californians, who for a time last summer paid an average of more than $6 a
gallon of gas, are used to high gas prices. Although Washington state has
historically had higher gas prices than other states, it’s unusual for it to be
the state with the most expensive gas in the US.

Some suggest that record-high gas prices in Washington are linked to climate
change efforts. The nonprofit Washington Policy Center, citing Department of
Ecology reports, projected that the carbon tax could add 46 cents per gallon to
the state’s 2023 gas prices. (Washington’s state base gas tax is $0.494 a
gallon.) However, experts often cite crude oil prices and supply and demand as
key contributors to “pain at the pump.” 

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Kelley R. Taylor
Social Links Navigation
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal
and state tax information, news, and developments to help empower readers.
Kelley has over two decades of experience advising on and covering education,
law, finance, and tax as a corporate attorney and business journalist. 



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