Wealth tax, capital gains tax, payroll tax — what’s the difference? We break it down.
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Updated 7:13 p.m. March 6
The Washington State Capitol Building, also known as the Legislative Building, photographed Oct. 21, 2020, in Olympia. (Jovelle Tamayo for Crosscut)
A tax on capital gains, such as profits from selling stocks and bonds, is something that has been discussed in Olympia for many years. But 2021 is the first time it has had enough support to pass the state Senate, as it did Saturday, March 6.
That means the capital gains tax could very well clear the Legislature this year and become law, since Democratic leaders in the House and Democratic Gov. Jay Inslee have long supported it.