Seattle City Council committee shelves capital gains tax proposal

The Seattle City Council Budget Committee on Thursday paused the proposed capital gains tax to wait and see if the state's version survives.

Councilmember Alex Pedersen in June proposed a 2% local expansion of the state's new tax on high-end capital gains to replace the city's water tax that everyone pays.

"As a centrist who cares about business in the city and worked really hard on public safety issues ... I support a capital gains tax," he said. "I think it's fair, and we should do it."

Pedersen, who did not seek reelection this year, also noted Washington state is known for having the nation's most regressive tax system.

https://www.bizjournals.com/seattle/news/2023/11/30/seattle-council-shelves-capital-gains-tax-proposal.html