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Gov. Inslee proposes capital gains tax, more cigarette taxes

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Gov. Jay Inslee (Photo: KCPQ-TV)

OLYMPIA, Wash. (AP) — The governor is proposing a new capital gains tax to help address a projected state budget gap of more than $2 billion over the next two-year budget cycle.

Gov. Jay Inslee says a new tax on the sale of stocks, bonds and other assets would raise nearly $800 million during the 2015-17 budget period.

Another new tax proposed by the governor earlier this week would raise $380 million by charging polluters for carbon emissions.

The governor also wants to increase the state cigarette tax by 50 cents a pack, and repeal five tax breaks.

Inslee says the state needs new money is needed to address environmental issues and answer a Supreme Court order to better pay for public schools.

The governor’s proposed tax and revenue changes add up to about $1.4 billion and are part of an overall $39 billion operating budget.

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18 comments

    • Spam and Rice

      Absolutely!
      However, that requires a political culture of accountability and sadly, there are no adults in Olympia or DC. When you consider the staggering amount of money they take from us, even things like a ” pet license fee” is a tax, we should be like Sweden.

  • Teresa Dofredo

    How about instead of taking from the rest of us to give to the rich you instead get it from the big guys! Shame on this governor and the legislators who rammed the tax breaks for Boeing through based on a bunch of broken promises as the jobs are leaving the state anyway. You sold my family down the river for nothing and now you want us to make up the difference.

    • Spam and Rice

      Yvonne,
      As a former smoker I agree 100%, however directing the looters to other “vices” is counter productive. Instead why not demand that state officials actually manage the vast amount of money they take from us every day. Where does it all go?

  • art schoeben

    If we did not have to take care of all the out of towners the coffers would be much better off. You ram that down our throats for future votes and then turn around and up our taxes. If I had my choice we would be building more jails for the politicians and sending illegals home.

  • kaitlin

    Yes taxes must be raised in order to carry the weight of all the open-border crossers who are showing up in droves “for a better life”. Mathematical reality. Look at California in case you haven’t already learned this.

      • Spam and Rice

        Does it seem like WA leaders simply do what they want regardless of what he voters want? Remember the Gregoire election? There was a box of ballots found during the recount that – surprise- were all for her. Then we have the monorail that was voted on since 97 and olympia did what they wanted instead. Perhaps we can start a recall, seriously, not a drill, start recalling them.

  • LouEdwin

    I think smokers are being illegally singled out. They should sue the government for excessive taxing and discrimination. Government is taxing people differently because of a lifestyle choices. What other behaviors are they going to claim are taxable? Raise the alcohol, beer, wine and tax pop more. Government won’t dare ban these deadly cigarettes and they don’t because they addicted to the tax money and make more money than the cig companies make on this product. Smokers die early, so you could say save the government a ton of money on Social Security and Medicare, dying 10 years earlier that the average person. When did behavior modification by taxation become a Government right to do.

  • Spam and Rice

    The principle of voluntary government financing rests on the following premises:*** that the government is not the owner of the citizens’ income ****and, therefore, cannot hold a blank check on that income—that the nature of the proper governmental services must be constitutionally defined and delimited, leaving the government no power to enlarge the scope of its services at its own arbitrary discretion. Consequently, the principle of voluntary government financing ***regards the government as the servant, not the ruler, of the citizens***—as an agent who must be paid for his services, not as a benefactor whose services are gratuitous, who dispenses something for nothing.”
    – Ayn Rand

  • Dale

    How come Inslee never talks about cutting spending? He alway’s wants to stick his hand in the little guy’s pocket for his crap!Get your money from bill gates and his friends who wanted this guy in office!