Legislature passes tax and budget to end session
By Terry Murry on Monday, April 26th, 2021 in Columbia Basin News More Top Stories
OLYMPIA – The Washington Legislature adjourned its 2021 session seeing the Democrat majority approve a two-year budget for an estimated $59 billion. That total doesn’t include the billions of dollars earmarked for the state in federal relief funds.
The Democrat majority also managed to approve a capital gains tax of seven percent on gains above $250,000 for individuals and joint filers from the sale of assets like stocks and bonds. It does exempt some gains that include real estate, family-owned small businesses, retirement accounts, and livestock. Republicans express confidence the tax will be declared unconstitutional.
Republicans expressed frustration over the size of the budget, especially with the passage of the capital gains tax. They were also irked that the Democrats refused to even discuss updates to the emergency powers rule. They feel that the Legislature should be more involved in the emergency process rather than having all the power reside in the governor’s office.
