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State lawmakers in Olympia will soon decide if taxes on Washington’s wealthiest are the best way to fund its budget. This week, House Democrats proposed raising taxes to nearly 10 percent on “extraordinary profits” or high-value assets like stocks and bonds. That’s estimated to raise $780 million in the current budget cycle, and almost $2 billion in the 2021 to 2023 cycle. The tax would apply only to profits above $100,000, or $200,000 for couples. A Senate budget proposal is expected soon. The capital gains tax would affect about 13,400 Washingtonians, or less than 0.5 percent of taxpayers. But last week, lawmakers found they have $860 million extra to work with in the budget – so, Republicans say there’s no need to raise taxes.

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