Head of Wash. Senate Dems Seeks Capital Gains Tax - Spokane, North Idaho News & Weather KHQ.com

Head of Wash. Senate Dems Seeks Capital Gains Tax

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NBCRightNow.com - The leader of the Senate Democrats in the state is proposing a capital gains tax to help add hundreds of millions of dollars to education.
    
Sen. Ed Murray of Seattle said Friday that he would like to see voters approve the tax along with a package of reforms supported by a Republican-leaning coalition in the Senate. Murray said both sides need to come together on a larger compromise.
    
Republican lawmakers say the state should focus on having government live with the revenue it already has.
    
Murray's proposal adds a 5% excise tax on capital gains. It would exempt the first $10,000 in gains for individuals. Murray says a small fraction of voters would be impacted by the tax.

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