Eastside

The Seattle Times' Eastside section covers the news of Bellevue, Redmond, Kirkland, Woodinville, Issaquah, Sammamish, Mercer Island, Newcastle and other suburban cities in King County. Coverage areas include government, crime, community events and neighborhoods.

Washington State Senate approves new tax on capital gains by one vote

FILE – In this Jan. 7, 2021, file photo, the Legislative Building is shown partially shrouded in fog at the Capitol in Olympia, Wash. Washington state’s richest residents, including Bill Gates and Jeff Bezos, would pay a wealth tax on certain financial assets worth more than $1 billion under a proposed bill whose sponsor says she is seeking a fair and equitable tax code. Under the bill, starting Jan. 1, 2022, for taxes due in 2023, a 1% tax would be levied not on income, but on “extraordinary” assets ranging from cash, publicly traded options, futures contracts, and stocks and bonds. (AP Photo/Ted S. Warren, File)

The capital gains tax, which now heads to the House, has been introduced many times in previous years but has never gained traction in the Legislature. Saturday’s Senate vote is the furthest the idea has made it through the legislative process.

More Headlines