Tax on expensive real estate sales in Washington is not happening

[dutch777]

1. The bill could be revised to get passage. The concern about apartment complex cost given high rents is understandable.

Although not sure that effect would really be seen but not surprised the real estate class brought it up. I lived in WA until just recently and if I recall capital gains are not taxed and the idea is as unpopular as income taxes in the state. But in the case of apartments that are investments different than single family residences, the capital gains route could address the raising rents concern as it would be taken from the seller and not the buyer and only if base value increased. I like the thinking in the bill although I really think there should be a national transfer tax on any large asset sale, above $3 mil or whatever, of some small percentage of 1% and it should go to pay down the deficit. The millionaires and billionaires and large corporations would not get hurt and in few instances would the cost be a pass thru if targeted correctly. The states could do similar or feds could share back to the states via block grants based on how much of the total tax was by each individual state.