Seattle won’t add a capital gains tax this year.
Supporters of the proposed capital gains tax in Seattle to fund housing and food assistance programs made one last push Thursday as the Seattle City Council executed a series of votes to finalize the 2025 budget.
CHS reported here on the final 2025 spending plan including a $10 million reallocation from Black Lives Matter “participatory budgeting” to fund disadvantaged communities and a roster of Capitol Hill public safety investments.
Included in Thursday’s final votes was the capital gains proposal from North Seattle City Councilmember Cathy Moore that would implement a 2% tax on capital gains over $250,000 from the sale or exchange of assets like stocks, bonds and business interests. Tuesday, a majority of the council’s budget committee rejected the proposal. Thursday’s full council also voted the plan down with only three members in support as District 3’s Joy Hollingsworth opted to side with the “no” votes. Continue reading