The Seattle City Council today narrowly defeated an effort to create a 2% capital gains excise tax on profits over $262,000 made from the sales of stocks and bonds.

(The Center Square) – A proposed local capital gains tax in Seattle failed to pass out of the Select Budget Committee. The tax would have imposed a local 2% capital gains excise tax applicable to non-retirement financial gains over $250,000.

Seattle officials worry that implementing a local capital gains tax would coax wealthy residents to change their home addresses. Seattle City Councilmember Cathy Moore is proposing a local 2% capital gains excise tax that would be applicable to non-retirement financial gains over $250,

The Seattle City Council on Wednesday debated a newly proposed 2% capital gains tax to support food and housing programs for the city’s low- and middle-income residents. Response so far is mixed from Seattle’s elected officials,

Washington State voters showed broad support for the State’s Capital Gains tax thi. But the idea for a much smaller city version in Seattle is struggling to stay alive. A crucial vote is scheduled for Thursday.

After WA voters rejected a measure to repeal the statewide capital gains tax, a Seattle City Council member plans to introduce a similar tax.

Budget deliberations found "there's not a lot to cut" in next year's budget. "So that does leave us at the point where we do we need additional revenue," the sponsor of the bill said.

On Tuesday, Seattle City Councilmember Cathy Moore plans to present the city council with a new idea: A 2% capital gains tax. It’s a baby version of the 7% capital gains tax voters just upheld for Washington State.

A one-bedroom unit in Heartwood Apartments, a Seattle housing development targeting lower income renters. (GeekWire Photo /) A Seattle City