State hauls in nearly $900M from first year of capital gains tax

Washington’s new capital gains tax brought in $890 million in its first year, state officials said Wednesday.

Those proceeds, garnered from the state’s wealthiest residents, will be funneled into early learning and child care programs, and to school districts in need of dollars for construction and renovation projects.

“The new funds could not come at a more needed time given the budget shortfalls that school districts across the state are seeing,” said Treasure Mackley, executive director of Invest in WA Now, which pushed for the tax. “These projections show that we have the ability to invest in our kids’ futures – when the wealthy do their part. I’m thrilled.”

Sen. June Robinson, D-Everett, chair of the Senate Ways and Means Committee, anticipates many conversations on how to spend the collections when the legislative session begins in January.

https://www.heraldnet.com/news/state-hauls-in-nearly-900m-from-first-year-of-capital-gains-tax/