WA's new capital gains tax brings in millions more than expected
Washington’s tax collections are coming in higher than expected, fueled in part by the new tax on capital gains.
Projected revenue collections for the state’s 2023–25 operating budget have increased by almost $327 million, according to the Washington State Economic and Revenue Forecast Council.
Now, revenues for the operating budget are projected to hit $66 billion for that two-year budget cycle that begins July 1. State lawmakers this spring approved the new two-year operating budget, which funds schools, parks, prisons, mental health programs and other services.
“Capital gains revenue collections have been stronger than expected and the forecast has been revised up to reflect that,” Steve Lerch, the council’s executive director, said Tuesday in a statement.
https://crosscut.com/politics/2023/06/was-new-capital-gains-tax-brings-millions-more-expected