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Gov. Jay Inslee has proposed a $54.4 billion state budget that would introduce a capital gains tax on stocks, bonds and other assets.

The proposal would tax capital gains of over $25,000 for individuals and $50,000 for joint filers at a rate of 9 percent.

The tax would raise $975 million in revenue during fiscal year 2021, according to an Office of Financial Management estimate. Homes, farms, and retirement accounts are exempt.

The budget proposed by the governor will likely not be the version eventually passed by the Legislature. Although lawmakers may use it as a template, they will independently create their own proposal to create an “equitable tax situation that pays the bills,”...