Video: Economist Jared Bernstein Explains Capital Gains Taxes
Looking for a quick explanation of national capital gains tax policy? The video below features Economist Jared Bernstein, former Chief Economist and Economic Adviser to Vice President Joe Biden, and Chye-Ching Huang of the Center on Budget and Policy Priorities. Bernstein and Huang explain how capital gains -- profits from the sale of corporate stocks, bonds, and real estate -- receive preferential tax treatment at the national level. They also debunk the myth that special tax treatment for capital gains has led to increased business investment and economic growth. (Spoiler alert: it hasn't.)
Here in Washington state, our proposal for a state excise tax on capital gains would help build a more adequate, equitable, and stable budget process in future years.