Mill Creek Beacon - Your Hometown News Source

By Patric Haerle
WNPA News Service 

Capital gains tax narrowly passes Senate

Critics call it an income tax


Last updated 3/10/2021 at 10:57pm

A tax on capital gains, the sale of assets like stocks and bonds, passed the Senate by a single vote March 6.

The bill was first amended to remove the emergency clause, meaning the issue is likely to appear on the ballot later this year.

The bill in its current form imposes a 7% tax on the sale of assets, like stocks and bonds, when exceeding $250,000 in capital gains for a year.

Exempt from the tax is all real estate, assets held in a retirement account, livestock, timber and the sale of a family-owned small business that grosses less than $10 million a year.

The first $350 million of cap...

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