In 2023, the WA state legislature passed a 7% capital gains tax on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets (source). This led to the exodus of several very large companies and high net worth individuals relocating out of state.
All it would take for the WA state legislator to lower the income threshold for the 9.9% income tax (Senate Bill 6346) is to pass a new amendment bill through the standard legislative process.
Our state has an unhealthy appetite for spending with the pretext that it is for social causes.
