My Edmonds News Daily Legislative Report: April 4, 2021 – State operating budget and capital gains tax

My Edmonds News presents The Daily Legislative Report, covering the 2021 Washington State Legislature. House Lawmakers debated Engrossed Substitute Senate Bill 5092, the state operating budget, which includes a capital gains tax. The bill passed the Senate 27-22 on April 1, and passed the House April 3 by a vote of 57-41. The House & Senate will negotiate amendments, and if they can come to terms, the legislation will go onto the Governor’s office for the possibility to be signed into law.

For more information on Senate Bill 5092 –

For more complete information on any legislation, including sponsors, a synopsis, and fiscal note, visit the Washington State Legislature’s bill information webpage:

  1. Your representatives supported this new tax which had bipartisan opposition. Though the state cannot impose an income tax, your representatives are willing to spend more of our money in court to see if they can tax income when it’s designated as capital gains.

    According to the State’s $1.9 Billion revenue forecast released last month, it doesn’t appear there is a revenue problem.

    Sure, the current version of the bill has exceptions and minimum thresholds before the tax is applicable, but let’s not be so naive as to think Olympia wouldn’t change those limits in the future.

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