Proposed 2% capital gains tax could spur wealth exodus

Seattle city economists: Proposed 2% capital gains tax could spur wealth exodus
Seattle officials worry that implementing a local capital gains tax would coax wealthy residents to change their home addresses. Seattle City Councilmember Cathy Moore is proposing a local 2% capital gains excise tax that would be applicable to non-retirement financial gains over $250,
A proposed capital gains tax in Seattle draws mixed response from tech leaders and city lawmakers
The new proposal comes as the City of Seattle is hashing out its 2025-2026 budget, with Mayor Bruce Harrell calling for $8.3 billion in spending. That includes a $270 million hole in the city’s general fund, which helps pay for public safety, administration, education and human services, arts and culture, and other programs.
Seattle's capital gains tax appears unlikely to pass
Washington State voters showed broad support for the State’s Capital Gains tax thi. But the idea for a much smaller city version in Seattle is struggling to stay alive. A crucial vote is scheduled for Thursday.
Opinion
Seattle City Council should reject new capital gains tax proposal
The Seattle City Council should reject an out-of-the-blue amendment in the middle of budget negotiations to implement a new capital gains tax.
A proposed capital gains tax in Seattle draws mixed response from tech leaders and lawmakers
Members of the Seattle City Council’s Select Budget Committee on Wednesday debated a newly proposed 2% capital gains tax to support food and housing programs for the city’s low- and middle-income residents.
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