OLYMPIA, WASH -- The head of the Washington State Senate Democrats says a capital gains tax could pump hundreds of millions of dollars into education.
Sen Ed Murray of Seattle says he would like to see voters approve the tax along with a package of reforms supported by a Republican-leaning coalition in the Senate.
Senate Republicans say the state needs to focus on having government live with the revune it already has.
Murray's proposal adds a 5 percent excise tax on capital gains. It would exempt the first $10,000 in gains for individuals, Murray says a small fraction of the voters would be impacted by the tax.