New proposal would replace Seattle's water tax with expanded tax on capital gains
A new proposal from Seattle Councilmember Alex Pedersen would expand Washington's capital gains tax to replace what he calls a 'regressive water ta...
A new proposal from Seattle Councilmember Alex Pedersen would expand Washington's capital gains tax to replace what he calls a 'regressive water tax.' Currently, Seattle residents pay a 15.54% tax on their water bills, which goes directly into Seattle's general fund. By getting rid of that tax, he estimates that the average household will save 'at least $100 a year.' His plan for replacing that revenue stream would come in the form of a 2% capital gains tax on the sale of assets like stocks and bonds over $250,000, with the exception of retirement savings and real estate sales.