According to The Seattle Times, the state could earn a $849 million haul, nearly $250 million more than expected. “I think that this is a good thing. And I’m trying to understand how this could be a bad thing,” Gee Scott said on The Gee & Ursula Show.
State lawmakers passed the 7% tax on the sale or exchange of stocks, bonds, and certain other assets above $250,000 in 2021.
The first $500 million collected from the capital gains tax annually goes into the state’s Education Legacy Trust Account, which can only be spent on public schools. The windfall could mean significantly more money going toward K-12 schools, early childhood education, and building and repairing schools.
just last month said while many people and employers subject to the tax can simply avoid paying it by not selling their assets. Well, that’s not what happened.”Seattle City Council has been ‘way too dysfunctional’
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