WA Supreme Court Upholds 7% Capital Gains Tax on >$250K (Camas: sales, loan)

[rkcarguy]

https://www.seattletimes.com/seattle...tal-gains-tax/

By claiming the capital gains tax is an excise tax, our state supreme court was successful in upholding the 7% tax on capital gains with the first $250K being exempt, against our constitution and despite legal precedence in all the other states and the IRS confirming that this type of tax is an income tax.

[kavm]

Seems like a very dubious ruling.

[txman210]

Especially since 48 states and the IRS consider capital gains "an income tax."

[MtnSurfer]

Originally Posted by txman210

Especially since 48 states and the IRS consider capital gains "an income tax."

Yep, its shady business. I'm surprised this hasn't been appealed based upon all the evidence along with legal precedence to the contrary. It really is a misrepresentation of the state constitution.

Derek

[RMESMH]

I heard on the radio that Fisher Investments announced that they will move their HQ from Camas, WA to Texas.

Their Wikipedia page shows that that will be in Plano, TX by July of 2023:

https://en.wikipedia.org/wiki/Fisher_Investments

[MtnSurfer]

Originally Posted by RMESMH

I heard on the radio that Fisher Investments announced that they will move their HQ from Camas, WA to Texas.

Their Wikipedia page shows that that will be in Plano, TX by July of 2023:

https://en.wikipedia.org/wiki/Fisher_Investments

I saw that and was wondering if coincidence or related to this recent ruling. I can imagine they would get hit by the new tax, especially those in leadership roles with the most to lose. That seems to be the target demographic. Not all will roll over and accept it. Now if they were moving to CA, that would be a different story. lol

Like some businesses leaving CA, it does make you wonder if more WA companies will make similar decisions. Kenneth Fisher did start out in CA, then moved to WA and now to TX.

Derek

[MechAndy]

A layman or normal average person might think that this taxed income might add relief to the absurd property tax situation or one of the other absurd taxed situations.
As an average person that doesn’t trust the “tax man” I see this as just another money grab.

This “first $250K” is a rather low hurdle that will hurt a lot of hard working people.
When you consider the mass of dual income hard working families that bar even gets lower still.

These people work their butts off to have their kids raised in a modest upper middle class area with nice schools and the safety they deserve and this turns into a large money grab.

Is Jay thinking of following his big brother Gavin on the reparations thing?
Is this a take from the rich (who are not really rich) and give to the poor situation?
Where is all this money going to go?

[rkcarguy]

Originally Posted by MechAndy

A layman or normal average person might think that this taxed income might add relief to the absurd property tax situation or one of the other absurd taxed situations.
As an average person that doesn’t trust the “tax man” I see this as just another money grab.

This “first $250K” is a rather low hurdle that will hurt a lot of hard working people.
When you consider the mass of dual income hard working families that bar even gets lower still.

These people work their butts off to have their kids raised in a modest upper middle class area with nice schools and the safety they deserve and this turns into a large money grab.

Is Jay thinking of following his big brother Gavin on the reparations thing?
Is this a take from the rich (who are not really rich) and give to the poor situation?
Where is all this money going to go?

I think what's worse, is that the legislature is free to tweak the numbers as they see fit, without voter approval. So, we could see the $250K number simply lined out, and replaced with $50K, or they'll simply remove it and tax everything.
$250k is alot, heck if I made that much I could safely qualify for a loan for the average listed home price in WA!

[jabogitlu]

Originally Posted by rkcarguy

I think what's worse, is that the legislature is free to tweak the numbers as they see fit, without voter approval. So, we could see the $250K number simply lined out, and replaced with $50K, or they'll simply remove it and tax everything.

How is that any different than our sales tax, our REET tax, our B&O tax, or for that matter, federal income taxes?

Costs are way up. Unless we want to start taking big swings at our high dollar capital budget items (like transportation dollars), then we need to come up with revenues. And in my opinion, the more progressive the revenue, the better.

[mayfair]

Originally Posted by jabogitlu

Costs are way up. Unless we want to start taking big swings at our high dollar capital budget items (like transportation dollars), then we need to come up with revenues. And in my opinion, the more progressive the revenue, the better.

I agree. Income tax is more fair. The poor pay more in the current tax structure in WA with high sales tax and no income tax.