May 4, 2021 at 3:05 pm
A self-identified member of the Patriot movement flies an upside down American Flag on Feb. 6, 2021 in Olympia, Washington. (Photo by Nathan Howard/Getty Images)
Gov. Inslee signed off on Washington’s new capital gains tax Tuesday afternoon.
State Representative Noel Frame calls the tax “another gigantic step towards rebalancing the tax code.”
Frame and most other Democrats are celebrating the legislature’s passage of the 7% tax on capital gains over $250,000, which will bring in an estimated $415 million in 2023, its first year. That will be used to invest in child care, early learning, and more as a way to balance the state’s tax code.