OLYMPIA — Senate Democratic Leader Ed Murray has introduced a measure to send a 5 percent excise tax on capital gains to voters for approval.
It’s not clear, though, if Senate Bill 5738 will get a hearing. Senate Republicans control the Senate and have made it clear they’re opposed to any new taxes, outside of a potential gas-tax increase for transportation.
Murray floated the idea last month, and introduced the bill Wednesday.
The capital-gains tax Murray proposes would exclude the sale of a principal residence, as well as the first $10,000 in gains for individuals and the first $20,000 for married couples. His proposal also would extend beer, and business-and-occupation tax surcharges – due to expire next year – until the end of 2015.
The proposal is projected to raise $540 million for education during the next two fiscal years. Murray’s bill would send the money toward specific programs, including all-day kindergarten, class-size reductions in early grades and higher education enrollment.