Episode 213
Seattle City Economists: Proposed 2% Capital Gains Tax Could Spur Wealth Exodus
Seattle officials worry that implementing a local capital gains tax would coax wealthy residents to change their home addresses. Seattle City Councilmember Cathy Moore is proposing a local 2% capital gains excise tax that would be applicable to non-retirement financial gains over $250,000. However, the tax is based on where a taxpayer's permanent residence is located, which means residents with multiple Washington addresses can potentially avoid the tax altogether.
November 15, 202428m 3s
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Show Notes
Seattle officials worry that implementing a local capital gains tax would coax wealthy residents to change their home addresses.
Seattle City Councilmember Cathy Moore is proposing a local 2% capital gains excise tax that would be applicable to non-retirement financial gains over $250,000. However, the tax is based on where a taxpayer's permanent residence is located, which means residents with multiple Washington addresses can potentially avoid the tax altogether. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com
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