SEATTLE — We all know the Seattle area is home to some of the richest people in America.
Now we are getting a better idea of just how much wealth is out there.
New returns released by the Washington Department of Revenue gave us new insight into how much has been collected in the state's new capital gains tax.
Passed in 2021, the capital gains tax is a tax of 7% on the sale or exchange of stocks, bonds and other assets above $250,000.
Initial estimates predicted Washington state might collect around $248 million in this fiscal year in new capital gains taxes. The amount the state actually collected from capital gains tax was $849 million, over three times the projections.
And it could be even more than that.
The Department of Revenue said that money comes from 3,190 tax filings. As of Wednesday morning, there are more than 2,500 people that have been granted an extension and have yet to file.
So what does this mean for you?
It means the state of Washington will get a whole lot more money for education. The first $500 million collected will go to the "education and legacy trust account."
The remainder is slated for school construction, which is about $350 million so far.
The state superintendent's office said the extra revenue will make a big difference, particularly for districts in rural areas that face the biggest challenges in raising money for school construction.