Washington HB2082 increases funding for the education legacy trust account by implementing a progressive capital gains tax and estate tax.

Washington HB2082 introduces a progressive capital gains tax and estate tax to increase funding for the education legacy trust account. The bill imposes a tax on the sale or exchange of long-term capital assets, with rates ranging from 2.90% to 35% based on the amount of capital gains exceeding $1,000,000. It also increases estate tax rates up to 35% and raises the exclusion amount to $3,000,000. The tax system aims to make progress toward rebalancing the state's tax code, ensuring it is fair, balanced, and works for everyone.

Washington HB2082 increases funding for the education legacy trust account by implementing a progressive capital gains tax and estate tax.

Washington HB2082 introduces a progressive capital gains tax and estate tax to increase funding for the education legacy trust account. The bill imposes a tax on the sale or exchange of long-term capital assets, with rates ranging from 2.90% to 35% based on the amount of capital gains exceeding $1,000,000. It also increases estate tax rates up to 35% and raises the exclusion amount to $3,000,000. The tax system aims to make progress toward rebalancing the state's tax code, ensuring it is fair, balanced, and works for everyone.