Seattle evaluating its own capital gains tax following new state law
A controversial capital gains tax was recently ruled constitutional by the Washington state Supreme Court. Now the City of Seattle is looking at a possible implementation of its own capital gains tax to help ease an anticipated revenue shortfall.
Seattle councilmember Teresa Mosqueda and Mayor Bruce Harrell told KUOW this week that they are evaluating a potential capital gains tax.
“I remain committed to reviewing all progressive revenue options to center Seattle’s most urgent needs as a member of the Seattle Revenue Stabilization Workgroup,” Mosqueda told GeekWire in a statement.
The city formed the workgroup in October to help shore up a revenue gap expected to surpass $200 million in 2025.
https://www.msn.com/en-us/money/markets/seattle-evaluating-its-own-capital-gains-tax-following-new-state-law/ar-AA19wCKI