Washington Governor Releases 2021-2023 Budget Proposals
SUMMARY BY TAX ANALYSTS
Washington Gov. Jay Inslee (D) released his 2021-2023 budget proposals, which include adding a new capital gains tax on the sale of stocks, bonds, and other assets; and narrowing the “bad debt” tax loophole that business may claim when customers fail to pay.
General fund revenues are expected to grow 4.9 percent 2021, 3.2 percent 2022, and 3.6 percent in fiscal 2023.
The proposals also highlight the governor’s recommended steps toward economic recovery from the COVID-19 pandemic.