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Politics Northwest

The Seattle Times political team explores national, state and local politics.

February 13, 2013 at 11:14 AM

Sen. Ed Murray offers bill that would ask voters to approve capital gains tax

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.

Comments | More in Politics Northwest, State Legislature | Topics: capital gains tax, sen. ed murray

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