Seattle officials worry that implementing a local capital gains tax would coax wealthy residents to change their home addresses. Seattle City Councilmember Cathy Moore is proposing a local 2% capital gains excise tax that would be applicable to non-retirement financial gains over $250,

The new proposal comes as the City of Seattle is hashing out its 2025-2026 budget, with Mayor Bruce Harrell calling for $8.3 billion in spending. That includes a $270 million hole in the city’s general fund, which helps pay for public safety, administration, education and human services, arts and culture, and other programs.

Washington State voters showed broad support for the State’s Capital Gains tax thi. But the idea for a much smaller city version in Seattle is struggling to stay alive. A crucial vote is scheduled for Thursday.

The future of a solvent business may take an unintended turn as new opportunities arise, trading conditions change, and tax reforms come into play. Business

A "time-tested way to minimize the capital gains tax is through tax-loss harvesting," which involves " selling a stock, bond or mutual fund at a loss, then using that loss to offset a gain on some other position in your portfolio," said Kiplinger.

Seattle City Councilmember Cathy Moore is proposing a 2% capital gains excise tax modeled on the Washington state tax that on Tuesday survived a ballot measure to nix it.

Councilmember Cathy Moore said her Seattle capital gains tax would be "identical" to Washington state's, except with a 2% rate, rather than 7%.